Taxes and Retirement

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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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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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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Contact a Tax Advocate to Help Get Your Refund Released From The IRS

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Lisa had the following challenge with getting her refund released, what is she to do? 1/21 filed 1/23 accepted 1/25 1 bar WMR, tax topic 152, no codes, no messages of a letter 2/2 4464c letter sent out, do nothing wait 60 days, I received on 2/8 2/7 we’ve received your return and it’s still […]

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Contributing to an IRA and Roth IRA if You Already Have a 401K – Non Deductible IRA and Maximum Tax Deductible Contributions

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“Can I Contribute to an IRA, Roth IRA and a 401K if I have access to all these accounts? What are the limits and rules of doing so?” This is the kind of question I get fairly often and one that I actually had to recently sort out for myself. To determine if and how much you […]

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When Will My 2017 Tax Refund be Released and Deposited into My Bank Account

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The IRS has now started processing and releasing the majority of tax refund payments following delays due to the PATH act.  On various articles published on this site it has been good to see a lot of commentary from people now seeing their tax refunds being directly deposited to their bank accounts. In a lot of […]

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Answers to The Top 7 Most Searched for Tax Questions

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This time of year taxes are on the forefront of most Americans personal finances. When can I file, how do I file, how much will I get back and why is the IRS taking so long to pay me my refund are just examples of the most googled tax questions and comments I see. Over the years […]

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