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Monthly Archives: January 2013

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Tax Rates – 2013 Returns

01/23/2013 11:45 PM ⋅
Federal Tax Rates for Tax Year: 2013
Filing Status: Single
Taxable Income Range: Times % Minus Equals Tax
0 to 8925 X 10 Minus 0 Equals Tax
8926 to 36250 X 15 Minus 446.25 Equals Tax
36251 to 87850 X 25 Minus 4071.25 Equals Tax
87851 to 183250 X 28 Minus 6706.75 Equals Tax
183251 to 398350 X 33 Minus 15869.25 Equals Tax
398351 to 400000 X 35 Minus 28836.25 Equals Tax
400001 and Up X 39.6 Minus 42236.25 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Married Filing Joint or Qualifying Widower
Taxable Income Range: Times % Minus Equals Tax
0 to 17850 X 10 Minus 0 Equals Tax
17851 to 72500 X 15 Minus 892.5 Equals Tax
72501 to 146400 X 25 Minus 8142.5 Equals Tax
146401 to 223050 X 28 Minus 12534.5 Equals Tax
223051 to 398350 X 33 Minus 23687 Equals Tax
398351 to 450000 X 35 Minus 31654 Equals Tax
450001 and Up X 39.6 Minus 52354 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Married Filing Separate
Taxable Income Range: Times % Minus Equals Tax
0 to 8925 X 10 Minus 0 Equals Tax
8926 to 36250 X 15 Minus 446.25 Equals Tax
36251 to 73200 X 25 Minus 4071.25 Equals Tax
73201 to 111525 X 28 Minus 6267.25 Equals Tax
111526 to 199175 X 33 Minus 11843.5 Equals Tax
199176 to 225000 X 35 Minus 15827 Equals Tax
225001 and Up X 39.6 Minus 26177 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Head of Household
Taxable Income Range: Times % Minus Equals Tax
0 to 12750 X 10 Minus 0 Equals Tax
12751 to 48600 X 15 Minus 637.5 Equals Tax
48601 to 125450 X 25 Minus 5497.5 Equals Tax
125451 to 203150 X 28 Minus 9261 Equals Tax
203151 to 398350 X 33 Minus 19418.5 Equals Tax
398351 to 425000 X 35 Minus 27385.5 Equals Tax
425001 and Up X 39.6 Minus 46935.5 Equals Tax
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Posted in: News to Know, Tax, Tax Rates ⋅ Tagged: , ,

Tax Rates- 2012 Returns

01/23/2013 11:36 PM ⋅

 

Federal Tax Rates for Tax Year: 2012
Filing Status: Single
Taxable Income Range: Times % Minus Equals Tax
0 to 8700 X 10 Minus 0 Equals Tax
8701 to 35350 X 15 Minus 435 Equals Tax
35351 to 85650 X 25 Minus 3970 Equals Tax
85651 to 178650 X 28 Minus 6539.5 Equals Tax
178651 to 388350 X 33 Minus 15472 Equals Tax
388351 and Up X 35 Minus 23239 Equals Tax
Filing Status: Married Filing Joint or Qualifying Widower
Taxable Income Range: Times % Minus Equals Tax
0 to 17400 X 10 Minus 0 Equals Tax
17401 to 70700 X 15 Minus 870 Equals Tax
70701 to 142700 X 25 Minus 7940 Equals Tax
142701 to 217450 X 28 Minus 12221 Equals Tax
217451 to 388350 X 33 Minus 23093.5 Equals Tax
388351 and Up X 35 Minus 30860.5 Equals Tax
Filing Status:Married Filing Separate
Taxable Income Range: Times % Minus Equals Tax
0 to 8700 X 10 Minus 0 Equals Tax
8701 to 35350 X 15 Minus 435 Equals Tax
35351 to 71350 X 25 Minus 3970 Equals Tax
71351 to 108725 X 28 Minus 6110.5 Equals Tax
108726 to 194175 X 33 Minus 11546.75 Equals Tax
194176 and Up X 35 Minus 15430.25 Equals Tax
Filing Status:Head of Household
Taxable Income Range: Times % Minus Equals Tax
0 to 12400 X 10 Minus 0 Equals Tax
12401 to 47350 X 15 Minus 620 Equals Tax
47351 to 122300 X 25 Minus 5355 Equals Tax
122301 to 198050 X 28 Minus 9024 Equals Tax
198051 to 388350 X 33 Minus 18926.5 Equals Tax
388351 and Up X 35 Minus 26693.5 Equals Tax
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Posted in: News to Know, Tax, Tax Rates ⋅ Tagged: ,

Heather Worrell Celebrates 25 Years in the Tax Industry with a Dave Ramsey Give A Way!

01/23/2013 1:59 AM ⋅

Heather Worrell, Enrolled Agent and owner of A Tax Haven, celebrates 25 years this January in the tax industry. She is also an Endorsed Local Tax Provider (ELP) for Dave Ramsey! In recognition of this special anniversary, A Tax Haven will be offering a Dave Ramsey Give A Way (Several Dave Ramsey Total Money Makeover Books & a set of Financial Peace University CDs)  to help others learn more about handling their finances and budgeting.  Current clients will be automatically entered into the drawing. All others need to  fill out the contact form on this site to be entered in the drawing.  Feel free to leave a respectful comment with a finance tip below. Send your friends to this blog at ataxhaven.org  for their chance to win! Drawing will be held March 29th.

Dave Ramsey Give A Way

Dave Ramsey Give A Way

And as Dave Ramsey always says, “If you live like no one else, later you can live like no one else.”

 

CONGRATULATIONS to our Dave Ramsey Give A Way Winners at A Tax Haven- March 2013:

Megan Ladd

Kenneth & Corita Meredith

George Soper

Phyllis Gardner

Josephine Nash

Jimmy & Derlene Montgomery

 

 

 

Posted in: Contests, Dave Ramsey Tips, Give A Way, News to Know, Tax Preparers ⋅ Tagged: , ,

January 30th – IRS Will Begin Accepting Returns

01/09/2013 11:15 PM ⋅

The IRS announced on January 8th, 2013, that the official date for the IRS to begin processing 2012 individual income tax returns will be January 30, 2013. The last minute tax law changes enacted on January 2, 2013, by Congress have caused this delay. The IRS is now scrambling to update forms and processing systems to reflect those changes.

Most taxpayers will be able to file at that time, but some taxpayers with certain deductions will be delayed even further into February or March. These deductions may include residential energy credits, certain depreciations, or general business credits.

“We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said. “This date ensures we have the time we need to update and test our processing systems.”

The IRS will not process paper tax returns before the anticipated Jan. 30 opening date. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.

A Tax Haven is available to prepare your return now so it will be ready to file as soon as the IRS begins accepting returns.

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Posted in: News to Know, Tax, Tax Preparers ⋅ Tagged: , , ,

Dave Ramsey’s Seven Baby Steps

01/09/2013 6:02 PM ⋅

Dave Ramsey’s 7 Baby Steps:

 

Step 1: $1,000 starter emergency fund.

 

Step 2: Pay off all debts smallest to largest with the debt snowball. (Excludes Home)

 

Step 3: Fully fund your emergency fund to cover three to six months of expenses.

 

Step 4: Invest 15% of pretax income into retirement savings & Roth IRAs.

 

Step 5: College Funding

 

Step 6: Pay off your home!

 

Step 7: Build wealth and give!

 

*Remember: “A journey of a thousand miles begins with a single step.”

Lao-tzu, Chinese philosopher (604 BC – 531 BC)

Posted in: Dave Ramsey Tips ⋅ Tagged: , , , ,

What’s Dave Ramsey Say About Budgeting?

01/09/2013 5:55 PM ⋅

Dave Ramsey Budget Recommendations

The Four Walls- Priorities in a Budget:

1) Food

2) Shelter / Utilities

3) Transportation

4) Clothing

 

Budget Percentages Guidelines

(Multiply your total income by recommended % to see how you are doing.)

Food/Groceries-  5-15%  Include grocery stores, restaurants, and even those drive-thru windows or vending machines.

Home- 25-35%  Depending on whether you rent or own your home, this category consists of items such as rent/mortgage, repairs, property taxes, homeowner’s insurance, and even furniture.

Utilities– 5-10%  Include electricity, water, gas, internet, phone, and trash pick-up.

Automobiles- 10-15%  Include auto insurance, repairs, license, registration, taxes, gas, and oil.  (If you are making car payments – include that in the DEBTS category.)

Clothing/Shoes– 2-7%  Even though you might think this is more of a personal item, it really is a necessity.

Medical-  5-10%  This is a tough and frustrating category for most people, but it includes things like health insurance, disability insurance, doctor bills, and medicines.

Personal/Misc– 5-10%  This category contains a lot of variety.  Examples include hair care, school supplies, life insurance, alimony, child care, subscriptions, pet supplies, toiletries, gifts, and other miscellaneous items.

Recreation-  5-10%  Don’t let life go by without having some fun. Live a little, but make a plan first.  Set aside some money for entertainment and vacation.

Contributions– 10-15%  This includes places such as your church, non-profit organizations, and education foundations.  It does not include gifts.

Savings/Investments– 5-10%  This includes items like your retirement, mutual funds, college savings, and even your emergency fund.

 (Dave wants you to be debt free more than anybody, but while you work on that he recommends:)

Debts– 5-10%  Most Americans don’t like to look at this category, so get it paid off quickly.  Add up things like car payments, credit cards, and student loans.  Include everything you owe money on EXCEPT the house you live in.

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Posted in: Dave Ramsey Tips, Financial Tips, News to Know, Savings ⋅ Tagged: , , ,

New Regulations for Tax Preparers

01/08/2013 12:29 AM ⋅

The IRS has seen the need in recent years to regulate tax preparers due to the abuses by some unqualified and incompetent “preparers”. Be wary of anyone who prepares your return but doesn’t sign it, or of anyone who offers you “mo’ money” (aka a larger refund) by adding deductions you are not entitled to. Also, protect yourself from the “herd” mentality of chain offices that employ many “preparers” with little experience or knowledge of the tax industry and charge exorbitant prices.

A Tax Haven provides experience you can trust. I have been active in the tax industry since 1988. As an EA (Enrolled Agent), I am required to maintain Continuing Education hours every year. New clients have often said, “No one has ever asked me that before” or “I’ve never had anyone explain that before.” My goal is to keep my clients informed and to help them keep as much of their hard-earned money in their own pockets as possible.

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