Money Today That Matters Tomorrow
Many tax payers may find themselves owing taxes to the IRS or to their state tax agencies after preparing their tax return. Cash flow may be a bit tight, so they may opt to pay via their debit or even credit cards. But before doing so, it pays to be …
Before we file our tax returns there are a number of forms we need to receive from our employers, financial institutions and other third-party entities we make money from, conducted financial transactions or did business with. Below are estimated time frames for when we can expect to receive some of these common income tax forms for …
When it comes to filing your taxes, there are now a lot of free options that allow eligible low- and middle-income Americans to avoid expensive tax filing fees. Most leading tax software providers provide options via the IRS’ free file program which provides free or discounted federal income tax preparation …
Vanguard and Fidelity are widely known for their low cost index and mutual funds. Their low expense fees/costs and broad array of funds have made them the fund manager of choice for many individuals, corporations and trusts. So its no surprise that they are the biggest of the fund managers and …
With Donald J. Trump now America’s 45th president many are now asking if he can bring around the economic change promised while on the campaign trail. A lot of people voted for him as a change agent and from an economic point of view at least are hoping he can …
In this article we will discuss Retirement Plan Contributions and Conversions and how these can reduce your taxable income in the current tax year. The last business day of 2016 is December 30th, so there is still time to make changes to your contributions to achieve the greatest reduction in your …
It’s not breaking news that you should be saving for retirement. Most employed people understand this fact, so hopefully, you are setting some cash aside for your golden years despite your day to day living expenses. The tricky part of retirement financial planning is figuring out how much you should …
[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 what is in the final …
[Latest Update] The repeal and replacement of Obamacare via the American Health Care Act, the Ryan-Trump administration proposal, is officially on hold following a lack on unity across the Republican party to get the AHCA bill approved in the House. With no Democrat member support, it had to be passed by all …
With open enrollment for health insurance plans underway there have been a number of conflicting news reports about the status of ObamaCare and potentially dramatic increases in health insurance costs for the coming year. Here we’re going to explore 4 potentially major changes to ObamaCare in 2017 and beyond: There Will …
It is almost that time of year again….tax season! We have compiled a list of six tax breaks for the 2016-2017 tax season that will lower your taxes due and increase the amount of your refund. The first topic is Earned Income Credit (EIC). The rules on this can be …
It’s hard to believe that we only have a couple months left in 2016, and tax-filing season will begin soon. In this post we’re going to look at 5 big categories of tax credits and deductions you should consider when filing your 2016 tax return next April. One point to …
Every year I get asked about income requirements for filing taxes when publishing tax filing due dates for the upcoming tax season. While there are other factors (residency status, claiming tax credits) that also drive if you have to file taxes or not, how much you earn (gross income) is …
[2017 COLA update] Its been a few years with relatively minor COLA (cost-of-living-adjustment) increases but even with the marginal 2017 COLA increase of 0.3%, over 12 million Americans will pay higher taxes in 2017 as the maximum taxable earnings (wage base) subject to social security also increased from $106,800 to $110,100. You can see the previous …