Money Today That Matters Tomorrow
[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 …
[Updated 2020 GS pay chart] For 2020 government employees on the GS pay scale will see a 3.1% rise over 2019 levels. This is made up a 2.6% general schedule increase (shown in table below) and 0.5% locality pay adjustment. This is the same rise seen …
[Updated with 2018 details per the IRS] The savers credit helps middle to lower income earners save for retirement by providing an offset to retirement plan (401k and IRA) contributions. But a lot of people don’t know about or take advantage of this little known credit, officially …
Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on …
Following enactment of the American Tax Relief Act (ATRA) in 2012, the AMT patch legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax (AMT), is now no longer required. Instead the AMT exemption and …
[2014 EIC Update] The IRS has released 2014 Earned Income Tax credit (EITC) details which are shown in the table below. There have been some minor increases to the EITC amount and qualifying limits following inflation adjustments. How to read the table above. The “earned income amount” (line …
Below are the 2014 IRS federal tax brackets based on annual inflation adjustments. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes for the 2014 tax year were: Marginal tax rates remained the …
See this updated article for the latest 401(k) and IRA Contribution, Eligibility, Income and Tax Deduction Limits The IRS has released updated 2014 limits for defined contribution (or pension) plans such as 401(k) and IRAs. This was delayed from the usual mid-October release due to the …
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 …
[Updated with 2015 Forecast – 90% accurate] What will the 2015 SSI COLA increase be? That’s the question 60 million social security recipients (mainly federal and military retirees) will be asking later this year when the Social Security Administration (SSA) has officially announces the COLA increase. …