Money News Today That Matters Tomorrow
[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 …
[2021 GS Pay Raise Update] President Trump had proposed a 1% GS pay raise for 2021, but with the poor economy and low inflation many are expecting an even lower raise, or potentially no raise at all. Details should be released in the next few …
[Updated with latest 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 …
See the latest COLA changes in this article – https://www.savingtoinvest.com/social-security-tax-and-cost-of-living-adjustment-cola [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 …
April 15th 2014, or the 2013 tax filing due date, is not that far away. Which means its time to do some serious tax planning so that by year end you maximize your income while minimizing your taxes dues when filing in 2014. But first, …
[Updated November 2013] 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 …
President Obama’s signature health care legislation, the Affordable Care Act, is very much in place now and in the next few months a number of Americans are going to see a lot more of the regulations and laws come into place. This includes: Penalties for …