Category: Taxes and Retirement

If you are frustrated with delays in getting your tax refund and the inability to get a straight answer from the IRS, then take some small solace that you are not alone. In fact per the Taxpayer Advocate Services's Annual Report to Congress this IRS’s Failure to Answer the Right…

Get the latest information on IRS refund processing and direct deposit schedules in this updated article.  You can also see these articles for determining your IRS Cycle/Batch code and estimated deposit date via your official IRS tax transcript. The IRS expects more than 70% of taxpayers to get tax refunds…

The now passed GOP/Trump tax bill contains a little known but important $500 credit for non-child dependents - e.g elderly or disabled dependents or children over 17. This credit is to provide some relief to those families who will lose the now defunct personal exemption and are not eligible for the expanded Child Tax…

As part of the GOP tax reform bill to support President Trump’s tax reform agenda the Personal exemption is being fully eliminated in 2018. This will be reflected when you file your taxes in 2019.  The $4,050 personal exemption in 2018 (which was unchanged from 2017) can be taken for yourself, your spouse,…

[Updated following passage of OBBB] The world of personal finance is a constant dance of numbers, rules, and ever-shifting legislation. For millions of American homeowners and high-earners, few changes have been as impactful—and as debated—as the State and Local Tax (SALT) deduction. Since the 2017 Tax Cuts and Jobs Act…

House and Senate Republican (GOP) lawmakers have passed a reconciled/final bill for President Trumps Tax Reform measures under the Tax Cuts and Jobs Act. These proposals are aimed at building on Trump’s promises to streamline the US personal and corporate tax code. The plans promise tax savings of nearly $1,500…

See the latest tax tables and brackets for the current and upcoming tax year Given all the tax reforms being proposed under the Trump administration, many Americans are understandably wondering if they will be paying more or less in taxes next year. The answer is that if the GOP tax…

The IRS has released its latest cost of living adjusted retirement plan contribution limits and qualifying income thresholds for 2021. The table below shows the recent year over year changes. I have also listed expected 2022 changes based on my research and recent inflation figures (which also resulted in a…

The title of this article is from a reader (Barry P.) who had this comment on Trump's proposed tax reforms: I live in Massachusetts and make $61,000.00 annually. I own a home and pay mortgage interest of around $12,000 dollars. My state income taxes and property taxes amount to another…

The Roth IRA contribution limit for 2026 is $7,500 — up from $7,000 in 2025. If you're 50 or older, you can add a $1,100 catch-up contribution (now indexed for inflation under SECURE 2.0), bringing your total to $8,600. The income phase-out ranges have also shifted up slightly for 2026.…

[Updated with latest IRS 401k limits] The IRS has now released its latest annual 401k limits. The table below shows what the contribution limit trends have trended over the last few years at the individual/employee level. Click here for the full set of 401K, Roth IRA and Traditional IRA Contribution Limits…

Updated income-tax withholding tables for 2017 have been released by the IRS. In 2017 the amount for one withholding allowance on an annual basis is $4,050 (same as 2016). Employers will start using the revised withholding tables and correct the amount of Social Security tax withheld as soon as possible…

Every year around November when the IRS publishes updated 401k plan limits for the year ahead I set myself a goal to see how fast I can reach the maximum contribution limit. I am fortunate that I earn and save enough money to make the maximum pre-tax retirement account contributions, but…