Lower My Tax Now Blog

A job change can change your taxes

Planning to change employers this year? As you look forward to starting your new job, you’re probably not thinking about taxes. But actions you take now can have an impact next April – and beyond.

Here are three tax-smart tips:

* Roll your retirement plan. You may be tempted to cash…

It’s tax planning time

It’s midyear 2013, and if you haven’t thought about your 2013 tax situation yet, it’s time to do so. By now, you should have a good idea of what your 2013 income and deductions will be. There are several very significant tax changes this year, and you need to…

HSA Contribution

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2014. HSAs allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. The 2014 contribution limit for individuals is $3,300; the limit for…

FBAR filing due by June 28, 2013

If you have assets in a foreign account and the total value exceeded $10,000 at any time, you must file the “Foreign Bank Account Report” (commonly called FBAR) by June 28, 2013. The FBAR is an annual information form, filed separately from your federal income tax return. The 2012…