Money Today That Matters Tomorrow
[Update March 31st 2013] Extension to purchase health coverage may now be in the works. The original deadline to purchase coverage, before incurring penalties was March 31st, 2014. But a number of state exchanges, like Covered California said that, “Individuals who start an online application by 11:59 p.m. on March 31, 2014, will have until …
A short term budget deal has been reached and the government shutdown is over. The debt ceiling has also been raised which will allow the nation to pay its bills and service new debt/payment obligations. But the deal legislation includes a few interesting provisions which are summarized below The Senate …
Supplemental Security Income (SSI) is a program administered by Social Security that provides monthly payments to significantly disabled adults, children and seniors over 65 with low income and limited resources. To be eligible for SSI, a person must be 65 or older, blind, or have a medical condition that prevents …
[Updated November 2013] Â Without an extension to the 2009 stimulus funding for the Food Stamp/SNAP program, millions of Americans who rely on this program are going to see a cut in their benefits. The overall cut to the the program is around $5 billon dollars with the CBPP estimating the …
As I was writing this article I re-read my original pieces on the 2011 debt ceiling debate/deal and got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress, who barely passed legislation to avert the fiscal cliff, trying to reach a new deal to keep the …
[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of updated federal tax rates, new …
[Updated following fiscal cliff deal] – Unfortunately it looks like the payroll tax credit will not be extended into 2013 under the new deal Congress and the Obama administration have reached. See how this will impact your 2013 take home pay. For the latest on other fiscal cliff impacts and negotiations see this article. The …
The Department of Labor has provided some timely answers to some frequently asked question around the CARES act. I am an independent contractor. Am I eligible for unemployment benefits under the CARES Act? You may be eligible for unemployment benefits, depending on your personal circumstances and how your state chooses …
The Washington Post had two graphics that neatly summarize the impacts from the fiscal cliff. This is the number one topic in the world of finance and almost all Americans will be impacted by the potential fallout in some fashion. My opinion is that Congressional Republicans and the Obama administration will reach some form …
See this article for the latest COLA increase – https://savingtoinvest.com/social-security-tax-and-cost-of-living-adjustment-cola The Social Security Administration (SSA) confirmed that the 2013 COLA increase will be 1.7%. This means that nearly 62 million Americans will see their benefit payments increase in January 2013, with the average retiree receiving a $21 increase. As detailed in the …
With a host of tax changes set to come into effect next year thanks to the expiring Bush-Obama tax cuts and new “Obama-care” health care related taxes, it can be hard to keep up with all that’s happening. But these Medicare and employer health care related tax changes in particular, …
Ever wondered where all our federal tax dollars go? I did and a recent report from the center on budget priorities and policies (CBPP) provided a very nice graphic on how federal tax dollars are distributed. With all the political rhetoric that abounds around the national debt, excessive federal spending …
[Updated] Will i still have to pay health insurance penalties (under the Obamacare individual mandate)? This is the question a lot of Americans are asking. The short answer is NO from 2019. Here is why the individual mandate, a.k.a Obamacare penalty, is no longer in effect from 2019: While Congressional Republicans …
The American economy is experiencing a seeming reversal of fortune following significant internal and external headwinds. The stock market, which tends to be a leading indicator of the economy, is back to 2011 levels. GDP and employment figures are also showing signs of slowing down. Some experts, including former President …