2016

2017 Tax Refund Payment Delays Likely According to the IRS – Continuing 2016 Trend

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It looks like we may have a repeat of 2016 tax refund payment delays millions of American’s faced (and are still facing) this year. The IRS recently warned that there will likely be 2017 tax refund delays (for 2016 taxes due by April 15, 2017) for certain taxpayers subject to several new factors and legislation enacted […]

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2017 Military Pay Charts Reflecting 1.6% Raise – Updated Basic Pay Monthly Tables

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[2017 update] Armed serviced members in 2017 will at minimum see a 1.6 percent increase in base pay based on the President’s latest executive order for government and uniformed service members pay raises. The final pay raise will be determined in a month or so once the final Employment Cost Index (ECI) figures are released. By law […]

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Will there be a 2017 Cost of Living Adjustment (COLA) Increase

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[2017 COLA update] It looks highly likely that there won’t be a Cost of Living Adjustment (COLA) increase in 2017 based on recent CPI-W figures and comments from the Board of Trustees of the Social Security Trust Funds.  The main impact of the COLA is to the 70 million+ Social security recipients. Estimates for the 2017 COLA […]

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2017 Pay Raise Approved for Federal Employees on GS Pay Scale

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[2017 Confirmed GS Pay Raise] The president has excised his executive power and given government employees on the GS pay scale and armed service members one of the largest raises in recent times. Civilian employees will receive a combined 1.6 percent raise (vs 1.3 percent last year) per the earlier update, which is made up of an […]

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Which Fund Allocations Should I Choose for My 401K or IRA Contributions in 2016 Given Markets, Economy and Elections

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With the markets rocky, US and global economies facing headwinds and a presidential political campaign in full swing, choosing how to allocate your current and future retirement savings for the medium to longer term is no easy task. But rather than just leave your current 401K and IRA allocations as is amid changing macro and micro […]

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2016 Tax Brackets vs 2015 Tax Rates and Other Tax Updates (After Official IRS Figures Released)

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With the continued low inflation environment 2016 IRS Tax Brackets, standard deductions and personal exemptions (for taxes paid in 2017) only moderately increase over 2015 levels (shown in the table below). Federal income tax brackets and related tax items are adjusted annually, under the tax code, to provide for mandatory adjustments based on inflation. The tables below reflect […]

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Why Is It Taking So Long To Get My Tax Refund

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When it comes to tax season I receive a lot of reader questions, many tinged with a hint of desperation, around why IRS tax refunds are taking so long and what can be done to get refunds sooner rather than later. Here is a sampling of comments from the current and past tax seasons: Help me […]

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2016 vs. 2017 Tax Penalty Amounts and Exemptions For Not Having Health Insurance Under ObamaCare

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President Obama’s health care reform plan, also known as ObamaCare or the Affordable Care Act, is the law of the land now which means that all Americans with an income above a certain threshold have to purchase or have health insurance. The provision referred to as the individual mandate is what legally required most US citizens and […]

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