2017

Maximum 401k Contribution Limits Up To $54,000 in 2017 and Likely Higher in 2018

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A lot of people assume the maximum annual contribution to employer sponsored retirement plans like a 401(k), 403(b) or Government Thrift Savings Plan (TSP), are what is published at the individual level. However, this could be very misleading if your employer contribution or match is generous and/or you are a high income earner. In fact […]

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2017 Federal Hiring Freeze That May Lead to 2018 Job Cuts and Federal GS Pay Freeze For Government Workers

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[Update March 2017] President Trump has continued his attack on the federal workforce by announcing across the board funding cuts in his latest budget proposal that could lead to between 100,000 and 200,000 job cuts. This is according to Mark Zandi, chief economist for Moody’s Analytics. This cut would constitute up to 9% of civil servant jobs. On […]

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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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[Latest Update] The IRS is now releasing refunds for taxpayers who claimed the EITC/ACTC, which were being held back under 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. Some people are seeing it earlier depending on […]

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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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2017 Tax Brackets, Standard Deduction and other Tax Updates

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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 […]

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

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[Latest update]  With the focus on repealing and replacing Obamacare, the Republican controlled Congress and Presidency have not had much time to enact their tax reform plans outlined below. Based on recent news the Trump administration however is still targeting this year to get some kind of tax reform package enacted. But until a unified […]

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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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2017 Tax Refund Payment Delays For Returns With Earned Income and Child Tax Credit Payments

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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 Latest Raise – Updated Monthly Basic Pay Tables

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[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 […]

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