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

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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 [...]

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

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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 [...]

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

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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 [...]

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

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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 [...]

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

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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; [...]

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End of Year Car Deals – How to Save When Auto Shopping (Dealers Beware)

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Year-end is deal time as dealerships rush to clear old inventory and shift their bottom lines from red to black. So many would argue that buying a car, particularly a current year model, is best done nearing year-end. In addition to timing your auto purchase, here are even more great tips to save money when [...]

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Super Committee Fails to Reach Debt Deal – Automatic Triggers To Cut Defense and Discretionary Spending

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[Latest Update]  As many had predicted, the debt Super Committee has failed to come up with a deficit reduction plan. Basically the not-so-super members failed to get past party line bickering and will now face the prospect of justifying to an angry public why they could not compromise. Further, the automatic triggers to cut defense [...]

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Get Your Tax Refund Money Now!

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A lot of people look forward to their tax refund at the end of the year. But I know that if I get a big refund, it usually means I haven’t kept up with my paycheck withholding. Why should I wait until next year to get my hands on money that is already mine? If [...]

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Top 4 Ways to Slash Your Auto Insurance Premium Payments

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Paying that auto insurance bill can be painful especially if you have never had to file a claim. Mistakenly, this prompts many consumers pick the cheapest insurance by dropping their coverage to levels that will leave them seriously exposed if they have an accident or suffer the theft of their car. However, you can actually cut [...]

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Saving for the Future: College Tuition vs. Retirement

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Despite the skyrocketing costs of a college education, a bachelor’s degree, at the very minimum, is an essential requirement to get ahead in this world. With few, notable exceptions, gone are the days when you could make a healthy, livable income right out of high school. But for parents, the increasingly unaffordable cost of a [...]

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Bank of America Withdrawing $5 Debit Card Fee – Power to the People as Free Checking Accounts Return!

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You can tell that the tide of corporate sentiment is shifting when one of the nation’s largest companies changes course following customer outrage and the growing anti-Wall street movement. Especially when this company is a bank that has historically acted with impunity around bank fees. A person familiar with the bank’s plans, said that Bank [...]

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Rick Perry’s Cut, Balance and Grow Plan – Tax and Spending Reform To Restore America’s Economic Future

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After covering Hermain Cain’s 999 tax plan, I thought I would look at Rick Perry’s recently released “Cut, Balance and Grow Plan” discussed in his recent WSJ op-ed piece. Here are highlights from his Cut, Balance and Grow (CBG) plan: – Personal Tax Reform: Americans will have a choice between a new, flat tax rate [...]

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