Money Today That Matters Tomorrow
See this article for the latest Saver’s tax credit details and updated annual thresholds. [Updated with 2012 and 2013 information] Despite tough economic times, you should not lose sight of your longer term retirement savings. This is where the little known IRS recommended savers credit can help you to keep contributing …
I often receive questions regarding 401k retirement plans and contribution limits. So thought I would use this article to answer common questions regarding contributions and associated limits to these widely used employer sponsored retirement plans. Types of 401k Contributions The first thing to understand is that there are two main …
See this article for the latest federal tax filing deadlines. Generally you can paper file your tax return on January 1st of the following year. But if, like most tax payers, you file an electronic return (e-file) you can only submit your return to the IRS in late January, which …
Most people who work or are self-employed are subject to Social Security taxes. This is true, regardless of age. Employers are also subject to Social Security taxes for their employees. If you are self-employed, and your business’ net profit is greater than $400, you must also pay Social Security (and Medicare) …
Teachers and other personnel at K-12 schools can take a tax deduction for classroom supplies that they buy out of their own pockets, whether they itemize or not. This deduction amount is adjusted on a semi-regular basis, with the latest amounts shown below. It has been raised for the 2023 …
Year-end is deal time as dealerships rush to clear old inventory and shift their bottom lines from red to black. So many would argue that buying a car, particularly a current year model, is best done nearing year-end. In addition to timing your auto purchase, here are even more great …
[Latest Update] As many had predicted, the debt Super Committee has failed to come up with a deficit reduction plan. Basically the not-so-super members failed to get past party line bickering and will now face the prospect of justifying to an angry public why they could not compromise. Further, the …
A lot of people look forward to their tax refund at the end of the year. But I know that if I get a big refund, it usually means I haven’t kept up with my paycheck withholding. Why should I wait until next year to get my hands on money …
Paying that auto insurance bill can be painful especially if you have never had to file a claim. Mistakenly, this prompts many consumers pick the cheapest insurance by dropping their coverage to levels that will leave them seriously exposed if they have an accident or suffer the theft of their car. …
Despite the skyrocketing costs of a college education, a bachelor’s degree, at the very minimum, is an essential requirement to get ahead in this world. With few, notable exceptions, gone are the days when you could make a healthy, livable income right out of high school. But for parents, the …
After covering Hermain Cain’s 999 tax plan, I thought I would look at Rick Perry’s recently released “Cut, Balance and Grow Plan” discussed in his recent WSJ op-ed piece. Here are highlights from his Cut, Balance and Grow (CBG) plan: – Personal Tax Reform: Americans will have a choice between …
When someone mentioned this proposal to me, I thought it was nuts. Selling the right to live in America for $500,000? But then a quick search revealed that the Senate is indeed considering such an idea as part of a larger bipartisan provision of immigration measures (VISIT-USA Act), co-authored by …
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 …
[Updated for 2016] – The Home Affordable Refinance Program (HARP) has been extended to the end of 2016. Under this program home owners may be able to reduce their mortgage payments by as much as $3,500 each year. The program benefits those with little to no equity in their home homes (LTV>80%) and are struggling …