Tax Thoughts

CalculatorThe April 15 deadline for filing tax returns is fast approaching and I’m not happy to say that we are still working with the accountant on completing our forms. I have been researching on a lot of tax hoop-la and here are some useful links I’ve come across:

Here is a good calculator for figuring out what tax bracket you are in based on your ‘taxable income’. It also shows what your federal tax liability will be including what percentage of your income is that number.

We had a unique case tax-wise this year because my wife was just transferred internationally and started US local work last May. The IRS has what it calls as the Substantial Presence Test which basically helps you figure out if you are a resident or a non-resident for tax purposes.

HR Block has this tax calculator which will help you get a ballpark figure of what your federal tax refund will be. I like their calculator a lot because you do not need to enter in personal information, just numbers.

Here is a list of overlooked deductions which is useful if you are itemizing deductions.