Category: Taxes and Retirement

[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…

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…

Many people overlook possible tax deductions when they file their income tax returns. One of the many deductions that people miss is the sales tax that was paid on a new or used car. This is a tricky deduction, however. You can claim sales tax paid or state income tax withheld, but…

Raising a child in todays world is not cheap by any means. Estimates for raising a child from birth through college in a middle class household range from $200,000 to $400,000. The Brookings institute recently said that with the higher than normal levels of inflation, the cost of raising a child…

For the majority of tax filers mid-April is the deadline to file their tax return. Even if you don't have enough money to pay your entire tax liability you must take action. Inside your head, you scream, "I need more time!" But before you stress out realize that the IRS offers…

[Updated with latest IRS limits] A year or so after starting my small business and completing my first annual tax return that showed a slight profit, my accountant advised that I start looking into a retirement account/plan for my business in order to lower my overall tax bill and also…

I regularly receive reader questions asking me to clarify the difference between a Roth IRA and Traditional IRA plan. Both are excellent retirement investment vehicles, but based on your income and tax situation one may be a better first choice than the other. Shown below is a table with some key differences…

With the deadline for the primary part of the tax season upon us make sure you file in time to avoid penalties or submit a free extension request for an October filing  date - you still need to pay any taxes due. If you have filed you hopefully have gotten your tax refund…

California's Employment Development Department (EDD) manages the Unemployment Insurance (UI) and State Disability Insurance (SDI) programs for the State of California. This includes all the systems, programs and processing of unemployment claims funded at a state and federal level. I have provided some FAQs and tips to help get your…