Money News Today That Matters Tomorrow
The 2018-19 Tax season is now officially open in line with our earlier published schedule of key tax filing dates. Monday April 15, 2019 is the tax deadline for this season. The schedule below shows an estimated 2018-2019 refund schedule chart for the upcoming tax year that …
The now passed GOP/Trump tax bill contains a little known but important $500 credit for non-child dependents – e.g elderly or disabled dependents or children over 17. This credit is to provide some relief to those families who will lose the now defunct personal exemption and are not eligible …
As part of the GOP tax reform bill to support President Trump’s tax reform agenda the Personal exemption is being fully eliminated in 2018. This will be reflected when you file your taxes in 2019. The $4,050 personal exemption in 2018 (which was unchanged from 2017) can be …
The latest GOP tax reform bill will affect most Americans when it comes to their 2018 taxes (filed in 2019). While everyone has their own unique financial and tax situations the answer to how the Trump/GOP tax changes will impact American tax payers are driven by these …
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) …
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 …
[Updated with official IRS 2021 401k limits] The IRS has now released 2021 401k limits in Notice 2020-79, which as expected see little to no change from 2020 levels. The table below shows what the contribution limits for 2021 versus 2020 (current tax year) will …
[Update March 2017] President Trump has continued his attack on the federal workforce by announcing across the board funding cuts in his latest budget proposal that could lead to between 100,000 and 200,000 job cuts. This is according to Mark Zandi, chief economist for Moody’s Analytics. This …
[Latest update] Republican lawmakers in the House and Senate have now passed a combined tax reform bill along party lines for President Trump’s Tax Reform measures under the Tax Cuts and Jobs Act. See the table below that contrasts changes from earlier versions in each chamber versus …
[Updated with the latest contribution limits] The IRS has released updated employer sponsored retirement plan limits, which covers 401(k), 403(b), 457 and Government Thrift Savings (TSP) plans. The annual contribution limits are indexed to inflation. See details and additional explanations below the table. Your 401k maximum contribution limit is the …
Below is the latest EITC table for 2021. These are adjusted annually in line with inflation and other government mandates. The EITC supplements the wages of low income workers, and especially working mothers, lifting more children out of poverty than any other single federal program. …