4 Major Changes to the Affordable Health Care Act (ObamaCare) in 2017 and Beyond

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With open enrollment for health insurance plans underway there have been a number of conflicting news reports about the status of ObamaCare and potentially dramatic increases in health insurance costs for the coming year. Here we’re going to explore 4 potentially major changes to ObamaCare in 2017 and beyond: There Will Be Fewer Insurance Providers Starting […]

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COLA Driven Tax Changes for 2017

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There are many cost of living adjustments (COLA) being made for 2017 as announced by the IRS. These changes will be effective on January 1, 2017. The changes we will discuss today are those being made under section 415 of the Internal Revenue Code. This Code sets forth dollar limitations on benefits and contributions that […]

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6 Tax Breaks for the 2016 to 2017 Tax Filing Season

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It is almost that time of year again….tax season! We have compiled a list of six tax breaks for the 2016-2017 tax season that will lower your taxes due and increase the amount of your refund.  The first topic is Earned Income Credit (EIC). The rules on this can be very confusing, but we are […]

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5 Big Tax Credits and Deductions to Claim in Your 2016-2017 Tax Filing

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It’s hard to believe that we only have a couple months left in 2016, and tax-filing season will begin soon. In this post we’re going to look at 5 big categories of tax credits and deductions you should consider when filing your 2016 tax return next April. One point to keep in mind before we […]

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2016-2017 Federal Tax Filing Gross Income Requirements – How Much You Have to Make or Earn to File Taxes

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Every year I get asked about income requirements for filing taxes when publishing tax filing due dates for the upcoming tax season.  While there are other factors that also drive if you have to file taxes or not, how much you earn (gross income) is a primary driver. Gross income covers monies from goods, property, and […]

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2017 COLA Increase Will Result in a Tax Hike For Over 12 Million American Workers

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[2017 COLA update] Its been a few years with relatively minor COLA (cost-of-living-adjustment) increases but even with the marginal 2017 COLA increase of 0.3%, over 12 million Americans will pay higher taxes in 2017 as the maximum taxable earnings (wage base) subject to social security also increased from $106,800 to $110,100. You can see the previous update below for how this […]

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2017 Cost of Living Adjustment (COLA) Increase of 0.3% confirmed

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[2017 COLA Confirmed] Despite fears that there would not be a Cost of Living Adjustment (COLA) increase in 2017, the Social Security Administration (SSA) announced that benefits will in fact increase by 0.3% in January 2017. Over 65 million Americans who receive Social Security benefits or Supplemental Security Income payments will benefit from this increase. This is following a year […]

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Can I Claim the Sales Tax on my New or Used Car Purchase

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Many people overlook possible tax deductions when they file their income tax returns. One of the many deductions that people miss is the sales tax that was paid on a new or used car. This is a tricky deduction, however. You can claim sales tax paid or state income tax withheld, but not both on your income […]

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Tax Breaks Parents Lose When Children Grow Up – So Take Advantage of Them Now

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Raising a child in todays world is not cheap by any means. Estimates for raising a child from birth through college in a middle class household range from $200,000 to $750,000. And costs are growing every year as education, health care and living expenses continue to rise. One mitigation or way to lessen the impact of […]

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2016 Tax Extension Deadline – Should You File a Tax Return or File an Extension?

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[Updated Oct 2016] – The due date for filing your extension approved 2015 tax returns is coming up soon (Oct 17th). So ensure you take the appropriate action to pay your taxes due or get enrolled in an IRS installment payment plan. Extension Tax Deadline is approaching! Your Last Day to File is 10/17. File […]

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