Taxes and Retirement

Choices for Your 401(k) Retirement Plan When You Leave or Change Your Job Including an IRA Rollover

1 comment

For those who have money stashed away in an employer sponsored 401(k) retirement account, there are a number of options they can take with those funds when they move on from their current place of employment. However, before initiating any of these choices, it’s important to understand the pros and cons of each because what [...]

Read the full article →

How You Can Get a 14% Effective Tax Rate Like Mitt Romney and Other Super-Rich Americans

0 comments

GOP presidential candidate Mitt Romney and his wife paid a 14% effective income tax rate in 2010 on nearly $22 million of income. Given the marginal federal income tax rate for anyone making over $35,350 (single) or $70,700 (married) is higher than 15%, it is pretty clear that the Romney’s are paying way below what [...]

Read the full article →

Using Your Roth IRA as an Emergency Fund

5 comments

Have you considered using your Roth IRA as an emergency fund? In this era of tight budgets, a lot of people are finding it difficult (if not impossible), to save for retirement and maintain an emergency fund. Because of this, it’s become trendy to recommend using your Roth IRA as a sort of de-facto emergency [...]

Read the full article →

Pick Your Correct Tax Filing Status To Minimize Taxes

0 comments

Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an incorrect filing status can make the difference between paying taxes [...]

Read the full article →

2012 Simple IRA and SEP IRA Contribution Limits – Small Business Retirement Plans

0 comments

The IRS has released 2012 contribution limits and updated eligibility rules for two of the most popular small business retirement plans : the SEP IRA and Simple IRA. SEP IRA A SEP is a popular and widely used retirement plan management approach because it provides self employed owners or small business owners with a few [...]

Read the full article →

2012 vs 2011 Savers Tax Credit To Offset IRA and 401(k) Retirement Plan Contributions

2 comments

Despite tough economic times, you should not lose sight of your longer term retirement savings. This is where the savers credit can help you to keep contributing towards a retirement plans without undue financial stress. The saver’s credit, also known as the retirement savings contributions credit, helps offset part of the first $2,000 workers voluntarily [...]

Read the full article →

Should You File a Tax Return or File a Tax Extension?

0 comments

In these economically tough times you might not have enough money to pay your entire tax bill when due. Inside your head, you scream, “I need more time!” But wait–the IRS offers a 6-month deadline extension! You ask yourself, “Should I file a tax return or file a tax extension?” It’s better to prepare and [...]

Read the full article →

2012 Maximum Employee and Employer 401K Contribution Limits and Catch-up Amounts

8 comments

I recently received a few questions regarding 401k retirement plans and contribution limits. The first thing to understand is that there are two main types of contributions that go into these plans. One is your contribution, or elective deferral, and the other is your employers, or matching, contribution. Secondly there are four annual contribution limits [...]

Read the full article →

2012 Tax Filing Deadline Dates – When You Can File 2011 Tax Returns and Get Your Refund

3 comments

Generally you can file your 2011 tax return on January 1st 2012. But if, like most tax payers, you file an electronic return (e-file) you can only submit your return to the IRS in mid to late January. For most people this time frame is sufficient since it takes a few weeks to receive employer [...]

Read the full article →

2012 Medicare Part B Monthly Premiums By Income Levels And Tax Filing Status

1 comment

2012 Medicare Part B monthly premium rates that cover hospitals plus physician and outpatient expenses, are shown in the following table (by individual and joint filers) and reflect the 2012 COLA increase. The standard Medicare Part B monthly premium ($99.90) for existing beneficiaries reflects a $3.50 increase over the 2011 “harmless” premium of $96.40. New [...]

Read the full article →

2012 Social Security and Medicare: Tax Rate and Maximum Taxable Earnings

1 comment

Most people who work or are self-employed are subject to Social Security taxes. This is true, regardless of age. Employers are also subject to Social Security taxes for their employees. If you are self-employed, and your business’ net profit is greater than $400, you must also pay Social Security (and Medicare) taxes. Self employed workers have [...]

Read the full article →

2011 Expiring Tax Breaks. Which Ones Will Be Extended into 2012?

3 comments

With 2011 drawing to a close, a number of popular and widely leveraged tax breaks are set to expire. A number of these may be extended into 2012, but with Congress in seemingly continual gridlock you can never know for sure. The best thing to do is plan as if the tax breaks will expire; [...]

Read the full article →
Page 1 of 1112345...10...Last »