2013 Tax Rates and Brackets, Standard Deduction and Personal Exemptions Updated in Federal IRS Tax Table

[Updated with 2013 IRS inflation adjusted tax brackets and fiscal cliff changes] Congress and the Obama administration’s fiscal cliff deal (ATRA act) means that 2013 federal tax rates will remain fixed for nearly 99% of the population. Only those earning above $450,000/$400,000 (married/single) AGI will have a higher federal marginal tax rate in …

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When Can I Make Catch-Up Contributions to 401K, IRA, 403b and SIMPLE IRA Retirement Plans – 2021 and 2022 limits

[Updated with current limits] Catch-up contributions allow people who feel that they do not have enough of a nest egg to make higher retirement plan contributions as they approach retirement. If you are over or turning 50 in a given calendar year you are eligible to make additional or catch-up contributions …

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Choices for Your 401(k) Retirement Plan When You Leave or Change Your Job Including an IRA Rollover

For those who have money stashed away in an employer sponsored 401(k) retirement account, there are a number of options they can take with those funds when they move on from their current place of employment. However, before initiating any of these choices, it’s important to understand the pros and …

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How You Can Get a 14% Effective Tax Rate Like Mitt Romney and Other Super-Rich Americans

GOP presidential candidate Mitt Romney and his wife paid a 14% effective income tax rate in 2010 on nearly $22 million of income. Given the marginal federal income tax rate for anyone making over $35,350 (single) or $70,700 (married) is higher than 15%, it is pretty clear that the Romney’s …

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Pick Your Correct Tax Filing Status To Minimize Taxes

Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an incorrect filing status can make …

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2020 and 2021 Simple IRA Contribution and Income Limits – Small Business Retirement Plans

A SIMPLE IRA is also a small business IRA-based plan with a simplified method for employers to make direct contributions (via salary reductions) toward their employees’ retirement and their own retirement. Employees may choose (not mandatory) to make regular contributions and the employer makes matching or non-elective contributions. No other contributions …

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Using the Savers Tax Credit To Offset IRA and 401(k) Retirement Plan Contributions – 2012 vs. 2013 Income and Contribution Levels

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 …

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