2012

When Can I Make Catch-Up Contributions to 401K, IRA, 403b and SIMPLE IRA Retirement Plans

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Catch-up contributions allow people who feel that they do not have enough of a nest egg to make higher retirement plan contributions as they approach retirement. If you are over or turning 50 in a given calender year you are eligible to make additional or catch-up contributions to your current retirement plan (401K, 403b, IRA etc). [...]

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2012 Food Stamp (SNAP) Income Eligibility Levels, Deductions and Benefit Allotment Payments

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The Federal Food Stamp Program is now known as the Supplemental Nutrition Assistance Program (SNAP). Eligibility for SNAP depends on things like the number of people in your household, income, and resources (cash, bank accounts, etc…). Income includes money earned from work. It also includes benefits like Social Security and unemployment. The following table shows [...]

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2011 Average 401K and IRA Returns And 2012 Performance Outlook

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I recently received my 2011 401(k) performance statement and was disappointed to see a -3.2% performance for the year. This is especially the case after my 2010 return of 13.5%. Because my 401k is pretty diversified, the S&P 500 is a good proxy for the level of returns I should be getting. In 2011, the [...]

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

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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 [...]

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

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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 [...]

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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 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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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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