2018

IRS Tax Changes for 2018

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The IRS has released its 2018 tax updates via Notice 2017-64 and revenue procedure 2017-58. Highlights are provided below. Remember these updates are for 2018 taxes filed in 2019. For the upcoming 2017-18 tax year, I have included links (for filings due next year by April 17, 2018) where applicable. Personal Tax Brackets The standard deduction for married […]

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I Like Donald Trump But Will Drop Him Like a Hot Potato if He Raises My Taxes

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The title of this article is from a reader (Barry P.) who had this comment on Trump’s proposed tax reforms: I live in Massachusetts and make $61,000.00 annually. I own a home and pay mortgage interest of around $12,000 dollars. My state income taxes and property taxes amount to another $8,000. So my itemized deduction […]

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Maximum 401k Contribution Limits Up To $55,000 in 2018 – Individual Limits Rise to $18,500

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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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Trump Tax Plan, Cuts and Changes in 2017, 2018 and Beyond – Latest Updates

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[Latest update]  Republican lawmakers in the House and Senate have now published and passed their tax reform bills along party lines for President Trump’s Tax Reform measures under the Tax Cuts and Jobs Act. See the table below that contrasts changes and also shows likely inclusions in the final bill that goes to the President for signing […]

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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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2017 to 2018 Maximum Weekly Unemployment Benefits By State

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Listed below are the latest maximum weekly unemployment insurance benefit/compensation amounts by state. The Unemployment compensation (UC) program is designed to provide benefits to most individuals out of work or in between jobs, through no fault of their own. Note, the table below contains the the maximum weekly unemployment insurance compensation (benefit) including adjustments for dependents where […]

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2017 vs 2018 Earned Income Tax Credit (EITC) Qualification and Income Thresholds

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[Update]  Below are the EITC tables for the past few years. These are adjusted annually in line with inflation and other government mandates. The EITC supplements the wages of low income workers, and especially working mothers, lifting more children out of poverty than any other single federal program. Over 10 million families are eligible for […]

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