taxes

Comparing House and Senate GOP Tax Reform Plans For Trump Tax Changes in 2018 and 2019

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House and Senate Republican (GOP) lawmakers have released their proposals for President Trumps Tax Reform measures under the Tax Cuts and Jobs Act. These proposals are aimed at building on Trump’s promises to streamline the US personal and corporate tax code. The plans promise tax savings in 2018 of nearly $1,200 to $1,700 for an average […]

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2018 vs 2017 Roth IRA Contribution and Income Limits plus Conversion Rollover Rules

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[Updated with 2018 Roth IRA limits] The latest income phase out ranges for the deductibility of Roth IRA contributions are shown in the table below. You may be able to contribute to a Roth IRA for yourself or your spouse if you have earned income within or below the following thresholds. Looking to open your first IRA […]

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Contributing to an IRA and Roth IRA if You Already Have a 401K – Non Deductible IRA and Maximum Tax Deductible Contributions

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“Can I Contribute to an IRA, Roth IRA and a 401K if I have access to all these accounts? What are the limits and rules of doing so?” This is the kind of question I get fairly often and one that I actually had to recently sort out for myself. To determine if and how much you […]

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Things to Remember At Tax Time – Your Tax Preparation Checklist

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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

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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

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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 & GOP (House and Senate) 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 released their bills and proposals for President Trumps Tax Reform measures under the Tax Cuts and Jobs Act. These proposals are aimed at building on Trump’s promises (per prior updates below) to streamline the US tax code, cut several itemized deductions and lower large corporate and […]

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

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[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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2018 vs 2017 Cost of Living Adjustment (COLA), Social Security and Medicare Tax Rates

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[2018 COLA Increase] The Social Security Administration (SSA) has announced a relatively large 2% Cost of Living Adjustment (COLA) for 2018. Benefits like Social Security or Supplemental Security income, that are tied to COLA will reflect the 2% increase in January 2018. The increase is equivalent to about $27 more a month or $329 a year […]

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

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[Updated for 2016-17 Tax Season] – Even if you don’t have enough money to pay your entire tax bill when due this tax season 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 […]

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