Maximum 401k Contribution Limits Up To $54,000 in 2017 and Likely Higher in 2018

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A lot of people assume the maximum annual contribution to employer sponsored retirement plans like a 401(k), 403(b) or Government Thrift Savings Plan (TSP), are what is published at the individual level. However, this could be very misleading if your employer contribution or match is generous and/or you are a high income earner. In fact […]

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Will I Still Have to Pay an Obamacare Health Insurance Penalty in 2017 or 2018?

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Will i still have to pay health insurance penalties (under the Obamacare individual mandate) in 2017 or 2018? This is the question a lot of Americans are asking under the House and Senate health care replacement bills. The short answer is NO. In fact both bills repeal the individual mandate outright and make it retroactive […]

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Do Republican Health Care Changes to Repeal Obamacare Impact You?

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The Senate has announced their health care plan –  the BETTER CARE RECONCILIATION ACT (BCRA) – which is in line with the house bill, with key changes being made to appease more moderate Republicans. NPR had a nice summary comparing Obamacare, AHCA (House bill) and BCRA (Senate bill) shown in the graphic below. In general the bill does […]

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2017 Income Tax Withholding Allowance

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Updated income-tax withholding tables for 2017 have been released by the IRS. In 2017 the amount for one withholding allowance on an annual basis is $4,050 (same as 2016). Employers will start using the revised withholding tables and correct the amount of Social Security tax withheld as soon as possible in 2017, but not later […]

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IRS Agents Getting Slammed and Call Delays Likely to Continue

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Many American taxpayers are again asking this year why it is so hard for them to call in and get through to a real IRS agent. The answer is simply these agents that provide telephone assistance to taxpayers have too much on and there aren’t enough agents to do the work or handle the ever increasing […]

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5 Reasons I Max Out My 401k Retirement Account as Fast as I Can – The 25% Contribution Rule

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Every year around November when the IRS publishes updated 401k plan limits for the year ahead I set myself a goal to see how fast I can reach the maximum contribution limit. I am fortunate that I earn and save enough money to make the maximum pre-tax retirement account contributions, but even if you cannot get […]

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Tips for Avoiding Financial Disagreements

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Here is the second article in the series about couples and money. The first one was around effective planning and managing expectations for couples. But as we know in reality, even the best laid plans can change causing tension in a relationship. This article is on how to handle common financial disagreements when they (and believe me […]

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Will Ordering an IRS Tax Transcript Help Me Find Out When I’ll Get My Refund?

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Ordering your tax transcript is a technique a lot of folks use to get an update on their tax return processing and refund if they are not getting information (or see no bars) from the IRS WMR tool. But the IRS has categorically stated that being able to order your latest tax transcript does NOT […]

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2017 and 2018 Healthcare Debate Continues – Coverage, Premiums, Tax Credits and Penalties – Obamacare vs. AHCA (House bill) vs. BCRA (Senate bill)

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Jun 26 –  The Senate has announced their health care plan –  the BETTER CARE RECONCILIATION ACT (BCRA) – which is in line with the house bill described in the previous update, with key changes being made to appease more moderate Republicans. NPR.org has a nice summary comparing Obamacare, AHCA (House bill) and BCRA (Senate bill) as […]

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Should I Refinance My Mortgage and Do I Qualify

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With interest rates on 30 year fixed-rate mortgage loans below 4%, the lowest level since the 1950s, many borrowers are keen to refinance their home loans and other mortgages. By any long-term measure, current rates are a great deal and could result in tens of thousands of dollars in savings over the life of the […]

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