Final 2015 IRA and 401K Contribution Limits

0 comments

Millions of Americans contribute to an employer sponsored 401K or traditional IRA (Individual Retirement Account). And over the last few years the government has steadily been increasing the maximum contribution people can make to ensure that folks can build a larger nest egg during retirement. But thanks for the low inflation environment seen over the preceding year, […]

Read the full article →

2015 Social Security Changes After 1.5% COLA Increase

2 comments

The Social Social Administration (SSA) announced a 1.7 percent cost of living adjustment (COLA) for 2015 (vs 1.5% in 2014). As a result the following changes to your social security taxes and income will result. All changes will take effect in January. The social security tax rate above is the combined rate for Social Security and […]

Read the full article →

How to Choose a 529 Plan And Save Now For Future College Costs – Prepaid vs. College Tax Savings Plan

5 comments

With my son approaching another birthday, I’ve started thinking more seriously about his schooling from elementary to college/university. My parents paid for a significant part of my education and I would like to do the same for my son. Given the rising cost of tertiary education, I figured the earlier I save the better. And thanks to […]

Read the full article →

2015 Earned Income Tax Credit (EIC) Limits

0 comments

[Update] Final projections are now out for the 2015 Earned Income Tax credit (EITC) which are shown in the table below. There have been some minor increases over the 2014 EITC amounts and qualifying limits as a result of mandated inflation adjustments. How to read the table above. The “earned income amount” (line 1) is the amount of income (minimum limit) […]

Read the full article →

2015 Obamacare (Affordable Care Act) Updates, Changes and Rising Premiums – See How You Are Impacted

1 comment

With the Affordable Care Act (ACA), also known as Obamacare, now entering its second year here are some 2015 changes you will see and need to plan for: The cap on contributions to health flexible spending accounts (FSAs) will be adjusted to $2,550 from $2,5000 in 2014 For families and individuals, the out-of-pocket expenses limit will increase […]

Read the full article →

UPDATED 2015 Tax Brackets and Other Projected Federal Taxation Changes

1 comment

With only a few months to go in 2014, folks are starting to think about the year ahead and a financial question that often comes up is what will happen to taxes next year. Given the low inflation environment over the last year, we should only see moderate increases in 2015 to items like tax brackets, standard […]

Read the full article →

Will I Get a Raise This Year? And What Is The Average Raise?

0 comments

Unless you are a senior executive of a Fortune 500 company you probably won’t be seeing a double digit raise this year. According to the seventh annual Compensation Planning Survey by Buck Consultants, workers who were among the highest-rated at their firm got average raises of 4.3% in 2013, an increase of just 0.2% from […]

Read the full article →

Fastest Growing State – Hands Down Texas!

0 comments

I sometimes ponder where I would move if I had to leave my current state (VA). And more and more, Texas seems to come to mind. This is because of three main factors – strong employment, housing affordability and quality of life (good weather, diverse cities, lower taxes etc). And clearly I am not alone based […]

Read the full article →

Obamacare Health Insurance Purchase Requirement Extended?

0 comments

[Update March 31st 2013] Extension to purchase health coverage may now be in the works. The original deadline to purchase coverage, before incurring penalties was March 31st, 2014. But a number of state exchanges, like Covered California said that, “Individuals who start an online application by 11:59 p.m. on March 31, 2014, will have until 11:59 p.m. on April 15, […]

Read the full article →

Average 2014 Refund Higher Than in 2013

0 comments

The IRS has published its latest statistics to date and it shows that tax filers are getting higher refunds in 2014 than they did in 2013.  To date, the IRS has processed most of the received returns (about 30% of total expected). Of the returns filed, the IRS has issued 6% more refunds than last […]

Read the full article →
Disclaimer: The information contained on Saving to Invest (this site) is for general information purposes only and does not constitute factual or professional financial advice. In accordance with FTC guidelines, we disclose that we may have a financial relationship with some of the merchants/companies mentioned on this website. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers. Refer to the Privacy Policy and Terms of Use for more information