taxes

2017 and 2018 Trump Economic Stimulus, Tax Breaks and Credits for Individuals, Corporations and Investors

1 comment

With Donald J. Trump now in line to be America’s 45th president (still feels surreal to write that) many are now asking if can bring around the economic change he has promised while on the campaign trail. A lot of people voted for him as a change agent and from an economic point of view are […]

Read the full article →

The Best Retirement Plans for Young Workers

5 comments

It’s not breaking news that you should be saving for retirement. Most employed people understand this fact, so hopefully, you are setting some cash aside for your golden years despite your day to day living expenses. The tricky part of retirement financial planning is figuring out how much you should actually save and where it […]

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 →

2017 COLA Increase Will Result in a Tax Hike For Over 12 Million American Workers

10 comments

[2017 COLA update] Its been a few years with relatively minor COLA (cost-of-living-adjustment) increases but even with the marginal 2017 COLA increase of 0.3%, over 12 million Americans will pay higher taxes in 2017 as the maximum taxable earnings (wage base) subject to social security also increased from $106,800 to $110,100. You can see the previous update below for how this […]

Read the full article →

2017 Cost of Living Adjustment (COLA) Increase of 0.3% confirmed

5 comments

[2017 COLA Confirmed] Despite fears that there would not be a Cost of Living Adjustment (COLA) increase in 2017, the Social Security Administration (SSA) announced that benefits will in fact increase by 0.3% in January 2017. Over 65 million Americans who receive Social Security benefits or Supplemental Security Income payments will benefit from this increase. This is following a year […]

Read the full article →

2016 Tax Extension Deadline – Should You File a Tax Return or File an Extension?

2 comments

[Updated Oct 2016] – The due date for filing your extension approved 2015 tax returns is coming up soon (Oct 17th). So ensure you take the appropriate action to pay your taxes due or get enrolled in an IRS installment payment plan. Extension Tax Deadline is approaching! Your Last Day to File is 10/17. File […]

Read the full article →

2016 vs 2017 Traditional IRA versus Roth IRA – Contribution and Phase-out Income Limits

20 comments

I regularly receive reader questions asking me to clarify the difference between a Roth IRA and Traditional IRA plan. Both are excellent retirement investment vehicles, but based on your income and tax situation one may be a better first choice than the other. Shown below is a table with some key differences between the two retirement investment […]

Read the full article →

2016 and 2017 401k, 403b Contribution Limits and Catch-up Amounts

77 comments

[Updated with 2016 and 2017 contribution limits] The IRS has released updated employer sponsored retirement plan limits, which covers 401(k), 403(b), and Government Thrift Savings (TSP) plans. The annual contribution limit, which is indexed to inflation, remained unchanged over the last 2 years. So like 2015, the maximum amount employees will be able to contribute on a pre-tax basis in […]

Read the full article →

How Much Will it Cost to Have a Tax Professional Prepare Your Tax Return this Year?

0 comments

I have received variations on this question over the last few years and when I saw this article in the WSJ I had the answer to my question.  The national average fee for 2014 returns will be $273, according to a survey by the National Society of Accountants. This fee is based on filing for the […]

Read the full article →

How Much of Your Wireless (cell or mobile) Bill is Just Taxes ?

0 comments

Answer: About 17 percent according to a report by the Tax Foundation. This figure is based on the average U.S. wireless bill and includes the amount for federal, state and local taxes and fees. Larger metros not surprisingly have higher than average wireless taxes on their residents. In New York City and Chicago, some users have more […]

Read the full article →