2017

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

0 comments

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 it is estimated that IRS e-File (online tax filing) system will open on Monday, January 23rd. You can technically submit as […]

Read the full article →

2017 Tax Brackets, Standard Deduction and other Tax Updates

0 comments

The IRS has published the latest 2017 tax figures (for filing taxes in 2018) reflecting minor COLA updates to federal thresholds. You can see 2016 and past tax tables here. No changes to tax rates with 39.6% being the highest marginal tax rate. Tax bracket income thresholds increase marginally in line with inflation. The effect of this (bracket […]

Read the full article →

Trump Tax Plan, Cuts and Changes in 2017, 2018 and Beyond

2 comments

With Donald Trump now the President Elect and the Republicans controlling the House and Senate, we are likely to see a number of tax changes if his campaign plans and promises hold. As with everything else, the Trump campaign was light on the details but here is what we do know: Federal tax rates and […]

Read the full article →

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

0 comments

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 […]

Read the full article →

COLA Driven Tax Changes for 2017

0 comments

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 […]

Read the full article →

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

0 comments

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 […]

Read the full article →

2017 Military Pay Charts Reflecting Latest Raise – Updated Monthly Basic Pay Tables

6 comments

[2017 update] Armed serviced members in 2017 will at minimum see a 2.1 percent increase in base pay following broad Congressional approval of the Defense Authorization bill. Both the House and Senate passed the bill that will be approved by the President. The 2017 raise is 0.5% higher than the original 1.6% approved by the House earlier in the […]

Read the full article →

2017 Pay Raise Approved for Federal Employees on GS Pay Scale

44 comments

[Updated Dec. 2016] – In a surprising move President Obama has reversed his previous August 2016 pay rise proposal of 1.6%, made up of a 1% across the board plus 0.6% locality pay adjustment (see prior update below). In his latest executive order he is proposing a “revised” alternative 2017 total pay raise of 2.1%. This is still […]

Read the full article →

2016 and 2017 SEP IRA Contribution Limits and Eligibility Rules

13 comments

[Updated for 2016 and 2017 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 […]

Read the full article →

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

131 comments

[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 amount of the earned income credit allowed/payable is shown in line […]

Read the full article →