Money Today That Matters Tomorrow
R.I.P Herman Cain There has been a lot of news lately on Republican presidential candidate Herman Cain’s 999 plan. As the new darling and front runner for the parties presidential nomination, Cain’s tax plan has gone from a joke (e.g. the price of a pizza) to getting some serious, albeit …
See this updated page for the latest 401K, IRA and Roth IRA contribution limits. [Updated with 2012 details] 2012 tax advantaged retirement plan contribution limits have officially been released by the IRS, with slight increases over 2011 limits; due mainly to cost of living adjustments (COLA). Further with increases in …
During the year many people have personal and financial life changing events that can affect how much they have to pay in taxes. But they often forget to adjust their income or paycheck tax withholding to cater for these events. This means they ending up owing taxes and associated penalties …
[Update Sep 2011] – President Obama has revealed details on his new $447 billion Americans Jobs Act and it is pretty much in line with what I had referenced in my earlier update (see below) before his speech. Here are the main things he is proposing that now go to …
[Update – American Jobs Act a.k.a 2012 Economic Stimulus] In what is essentially the 2012 stimulus package, President Obama has released details on the American Jobs Act which involves spending over $400 billion dollars to boost economic growth. The key provisions are: Extension of employee payroll tax cuts into 2012, …
See updated details on the potential 2020 payroll tax cut [Updated- 2012 Payroll Tax Credit Holiday, Unemployment Benefits and Medicare Doctor Payments Extended to Dec 31st] With House Republican support Congress has passed legislation extending the federal payroll tax holiday through the end of the year without demanding spending cuts …
The IRS has officially admitted that they are having issues with processing some of the most popular economic stimulus payments that the Obama administration has handed out over the last few years. In particular, the many versions of the first time home buyer credit, each with different eligibility and income …
You’ve filed your tax return and are expecting a tax refund. Congratulations! Now, you want to know when to expect your refund and/or why is it taking so long to receive your money! Generally, if you e-file and use direct deposit, the IRS estimates that you should receive your federal …
[Updated- 2012 Payroll Tax Credit Holiday, Unemployment Benefits and Medicare Doctor Payments Extended to Dec 31st] With House Republican support Congress has passed legislation extending the federal payroll tax holiday through the end of the year without demanding spending cuts to pay for it. This was a concession aimed at …
[2013 Small Business Tax Breaks Extensions] Congress and the Obama administration have reached an agreement that will extend a number of small business tax breaks through 2013 following the fiscal cliff deal which was legislated through the Taxpayer Relief Act of 2012. This includes: R&D credit extended: The Research and Development (R&D) tax credit was extended for another …
As part of bush-era tax cuts extension legislation (Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010), a number of new tax breaks were made available. One was a temporary one year cut in employee payroll taxes, which funds Social Security and Medicare, of 2% during 2011. The …
The article below shows what options you have if you mistakenly over contributed to your employer 401k plan or IRA. Over Contributed to Employer Sponsored 401(k) Plan Firstly, congratulations on having reached your annual maximum contribution. But over contributing to your 401k (or IRA plan as discussed below) subjects you to the …
With longer life expectancies, a roller coaster stock market, and lessons learned from a post-pandemic world it’s more important than ever to find ways to boost your retirement savings now. Although there may be many obstacles to doing so, even just a few of the simple tactics outlined here can …
Like me I am sure you get tons of bills and statements in the mail or delivered electronically. Most times you just action and then toss them. But you may in fact be creating legal or tax issues by not keeping certain documents. Where possible you should try and retain a …