Money News Today That Matters Tomorrow
With year-end around the corner most people are far more focused on holiday shopping rather than on reducing their tax liability. But the fact is that unless you make tax saving moves before year end, you may end up paying Uncle Sam (a.k.a the IRS) …
The table below shows key 2021 deadline dates for filing 2020 tax returns and/or requesting temporary extensions. Given the number of missing government payments around the COVID relief economic stimulus payments and especially the dependent child stimulus payment, I expect there to a keen interest in the upcoming tax …
[2021 COLA increase] The Social Security Administration (SSA) officially confirmed a 1.3% COLA increase in 2021. For the average retiree that is a $20 raise from 2020 levels ($1,523 p/month). The 1.3% COLA is the smallest since 2017 and slightly below the 1.4% average over the …
Great graphic from the CBPP on maximum unemployment insurance benefit duration (in weeks) by state. Unemployment insurance (UI) benefits are state administered and generally most workers are eligible for UI benefits for between 13 to 26 weeks. But with the enhanced unemployment benefits now available …
Few people enjoy the idea of discussing how much life insurance they need and what the ideal policy is for them. However, the truth is that having a good life insurance policy in place is very important. In fact, it can make the difference between …
It seems like 2008 all over again as stock markets around the globe continue to free fall against the backdrop of the Coronavirus (COVID-19) that has created widespread uncertainty and market panic. I wrote a couple of posts a few years ago on reacting to …
Debt is as American as apple pie. It is estimated that 80% of Americans live with debt and that includes $8 trillion in home mortgage debt. Many of us go to work every day simply to pay for products or services that we’ve already received. …
As adults, we’ve seen what a lack of financial knowledge does to managing our finances. That’s why we need to teach our kids early on how to care for money, so they are less likely to make the financial mistakes that we did. If you …
House and Senate Republican (GOP) lawmakers have passed a reconciled/final bill 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 …
See the latest tax tables and brackets for the current and upcoming tax year Given all the tax reforms being proposed under the Trump administration, many Americans are understandably wondering if they will be paying more or less in taxes next year. The answer is …
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) …
401K and 403b limits have held steady or moderately increased over the last few years with more and more Americans using these tax advantaged employer sponsored vehicles to save for their retirement income. However this bastion of American retirement savings is under attack from Trump …
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 …