Things to Remember At Tax Time – Your Tax Preparation Checklist


Thanks to the accounting folks at BConnect Inc, here is a straight forward tax preparation checklist that will save you time when you file with your accountant or before you start using tax software for self-filing. Tax preparation is faster, easier and more stress-free if you take a little time to get organized first and […]

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


With Donald J. Trump now America’s 45th president many are now asking if he can bring around the economic change promised while on the campaign trail. A lot of people voted for him as a change agent and from an economic point of view at least are hoping he can bring back opportunity to millions […]

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The Best Retirement Plans for Young Workers


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 […]

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


[Update Feb 2017] Following a meeting with business leaders President Trump announced that a major release on details behind his tax reform package is on tap for the coming weeks. Details will be provided covering “comprehensive tax reform both the business side of the tax ledger as well as the individual rates,” according to follow up comments from […]

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


[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 […]

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


[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 […]

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2016-2017 Tax Extension Deadline – Should You File a Tax Return or File an Extension?


[Updated for 2016-17 Tax Season] – Even if you don’t have enough money to pay your entire tax bill when due you must take action. Inside your head, you scream, “I need more time!” But before you stress out realize that the IRS offers a 6-month tax filing deadline extension that is not that hard to get.  So ask […]

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


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 […]

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


[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 […]

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


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 […]

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