2016

People NOW Seeing Their Tax Refunds Banked Plus Tips on What to do if Your Refund Has Not Yet Been Received

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[2018 Update] The IRS has announced that it cannot finalize processing of tax refunds before mid-February for taxpayers who claimed the EITC/ACTC, per the PATH Act. They have however stressed that taxpayers should not expect refunds to be available in bank accounts or on debit cards until the week of Feb. 27.  Last year however some […]

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When Does The 2017 Tax Season Start For Filing My Tax Return and Getting My Refund

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This time of year I get a lot of questions on when the IRS will allow people to file their taxes and when (if applicable) refunds will be paid.  For the 2016-2017 tax season the IRS e-File (online tax filing) system will open on Monday, January 23rd. You can technically submit as early as January 1st […]

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2018 vs 2017 Cost of Living Adjustment (COLA), Social Security and Medicare Tax Rates

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[2018 COLA Increase] The Social Security Administration (SSA) has announced a relatively large 2% Cost of Living Adjustment (COLA) for 2018. Benefits like Social Security or Supplemental Security income, that are tied to COLA will reflect the 2% increase in January 2018. The increase is equivalent to about $27 more a month or $329 a year […]

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2018 Tax Refund Payment Delays For Returns With Earned Income and Child Tax Credit Payments (PATH Act)

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It looks like we may have a repeat of 2016 and 2017 tax refund payment delays millions of American’s faced (and are still facing) this year. The IRS recently warned that there will likely be 2018 tax refund delays for certain taxpayers subject to several new factors and legislation (PATH Act) enacted in the past year. Hence the IRS […]

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2018 Military Pay Charts Reflecting Latest Raise – Updated Monthly Basic Pay Tables

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[2018 update] In his first year of office President Trump approved a 2.4% pay raise for Military staff and troops under the Fiscal 2018 National Defense Authorization Act (NDAA). This is the largest annual increase service members have received since 2010.The updated basic pay tables reflect this across the board raise effective from January 2018. Unlike the relatively […]

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2018 Pay Raise Approved for Federal Employees on GS Pay Scale

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[Updated 2018 GS pay chart] In his first year of office President Trump has approved an across the board 1.4% 2018 pay rise for the over 1.5 million government employees on the GS pay scale. In addition to this a 0.5% locality pay adjustment is being made to bring the total pay rise to 1.9% for […]

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2017 vs 2018 SEP IRA Contribution Limits and Eligibility Rules

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[Updated for 2017 and 2018 limits]  A year or so after starting my small business and completing my first annual tax return that showed a slight profit, my accountant advised that I start looking into a retirement account/plan for my business in order to lower my overall tax bill and also effectively set aside some […]

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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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2017, 2016 and 2015 Earned Income Tax Credit (EIC) Qualification Income Limits

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[Updated] Below are the final IRS published 2016 and 2017 Earned Income Tax credit (EITC) figures. You can reference IRS publication 596 or use online tax providers like TurboTax or H&R Block to get a free estimate of the specific credit amount you would get. How to read the EITC tables: The maximum earned income credit allowed/payable for the given tax year is […]

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2017 vs 2018 401k, 403b, 457 and TSP Contribution Limits and Catch-up Amounts

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[Updated with the latest 2018 contribution limits] The IRS has released updated employer sponsored retirement plan limits, which covers 401(k), 403(b), 457 and Government Thrift Savings (TSP) plans. The annual contribution limit, which is indexed to inflation increased by $500 in 2018. This means the maximum amount employees will be able to contribute on a pre-tax basis in […]

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