September 2011

2012 401K, IRA and Roth IRA Contribution and Income Deduction Limits

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[Updated with 2012 details] 2012 tax advantaged retirement plan contribution limits have officially been released by the IRS, with slight increases over 2011 limits; due mainly to cost of living adjustments (COLA). Further with increases in income phase-out thresholds, more people can benefit from employer and self-managed retirement plans.  The table below summarizes key changes [...]

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Good Reads: Déjà vu With Another Government Shutdown Looming and Unsettled Markets Set to Continue

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Busy week ahead as investors brace themselves for another wild ride in the markets. Personally, my 401K and investment portfolio have had their 2011 gains wiped out and are down over 10%. I keep telling myself not to sell in panic, but the fear of further falls is unsettling to say the least. Not helping is [...]

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2011-2012 Best Open Enrollment Choices as Health Care Insurance Continues to Rise

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According to preliminary results from their annual survey of 1,600 employers, Mercer expects employee health care benefit costs to increase by 5.4% next year. You will likely see these costs via higher monthly premiums during your organization’s open enrollment period. Fortunately, there are some things you can do to to mitigate the impact of rising [...]

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Quarterly Estimated Tax Payments and Installment Due Dates – 2011 and 2012 schedules

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Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, or other income is insufficient. Estimated taxes are generally paid by small business’, self-employed workers with variable sources of income/expenses or those that have been notified by [...]

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Adjust or Change Your Paycheck Tax Withholding (W4) After These Personal and Financial Life Events

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During the year many people have personal and financial life changing events that can affect how much they pay in taxes. But they often forget to adjust their income or paycheck tax withholding to cater for these events. This means they ending up owing taxes and associated penalties when filing; or missing out on extra [...]

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Obama Jobs Act – 2012 Payroll Tax cuts, Unemployment Extension, Infrastructure Spending and Small Business Incentives

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[Update Sep 2011] – President Obama has revealed details on his new $447 billion Americans Jobs Act and it is pretty much in line with what I had referenced in my earlier update (see below) before his speech. Here are the main things he is proposing that now go to Congress for review and approval: [...]

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