2012 Federal Income Tax Brackets and Marginal Tax Rates

The Federal Income Tax brackets and marginal tax rates for 2012 are out, and we’ll take a look at how the changes affect single taxpayers, those who are married filing jointly, those married filing separately, and head of household.

The changes from 2011 to 2012 are fairly small but they can have an impact for those who are at or over a threshold.

By knowing what bracket and marginal rate you may fall in, you can tax plan to lower your taxable income.

Every year the Internal Revenue Service, or IRS, uses inflation data to revise the bracket amounts.  Congress sets the marginal rate percentages with changes in the law.

Note the marginal tax rates are remaining the same in 2012 as they were in 2011.  It’s the dollar amount of the tax brackets that’s changing.

Before we jump into the changes I want to let you know that a qualifying widow(er) follows the same rates as married filing jointly.

The 10% tax bracket—the lowest marginal tax rate

Continue Reading

Victim of Identity Theft? Here Are Your Next Steps to Protect Yourself

Credit card security

One of the fastest growing crimes in identity theft.

It’s the theft of information about you — information that can be used by fraudsters to pretend to be you and get access to a number of perks using your good name.

Whether your credit card number has been stolen, or whether someone is using your information to qualify for a car loan, it’s possible for someone else to pretend to be you.

Your stolen identity can impact you and your finances.

Obviously, if someone steals your credit card information and makes purchases, that can impact your abilities to use your own financial resources — at least until you take action.  If someone is using your card for purchases, you could be denied when you go to make purchases later.  And, if someone uses your information to open a loan, it shows up as your debt in your credit report.  If the fraudster isn’t making payments, it’s your credit that is sunk.

Once you realize that your identity has been stolen, it’s important to take action.

Here are the steps to follow as soon as you realize that your identity has been compromised: Continue Reading

Understand Wedding Customs Before You Spend Your Money On Them

engagement_ring

The summer months represent the peak of wedding season in the United States.

Every year approximately 2 million Americans get married (CDC), and they spend an average of $27,800 on their wedding (The Knot).

While Americans routinely decide to create their own customs such as the recent craze of choreographing a dance for the wedding party at the reception, we also follow customs that have been handed down through generations.  However, a closer look at how these customs came to be may free you to not follow tradition and save yourself some money.

Many of today’s wedding customs are rooted in the fact that weddings used to be less about love and more about business.  Simply put, weddings were a business arrangement, and this can be seen through a variety of customs we still embrace.

Consider the following wedding customs:

Continue Reading

Free Newsletter to Keep you Free From Broke!Name: Email: We respect your email privacyPowered by AWeber email marketing