Category: Taxes and Retirement

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…

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…

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…

See this updated page for the latest 401K, IRA and Roth IRA contribution limits. [Updated with 2012 details] 2012 tax advantaged retirement plan contribution limits have officially been released by the IRS, with slight increases over 2011 limits; due mainly to cost of living adjustments (COLA). Further with increases in…

Most people fill out a Form W-4 once, when they start a job, and never touch it again. That's a mistake, because a long list of ordinary life events — marriage, a new baby, a side gig, a big itemized deduction — quietly changes how much tax you actually owe…

As part of new regulations under Obama's health care legislation the U.S. Department of the Treasury and the Department of Health and Human Services (HHS) today took the next steps to establish Affordable Insurance Exchanges – one-stop marketplaces where consumers can choose a private health insurance plan that fits their…

If you're self-employed or running a small business, the retirement account options available to you are frankly better than what most corporate employees get — and most people don't fully take advantage of them. I hear from a lot of small business owners who are using a regular Roth or…

The 2026 AMT exemption is $90,100 for single filers and $140,200 for married couples filing jointly — but the bigger story is the phase-out. Under the One Big Beautiful Bill (OBBB), the income levels where the exemption starts disappearing dropped sharply to $500,000 (single) and $1,000,000 (joint), and the exemption…

With more than half the year in the rear view mirror, it's time to start thinking about your potential annual tax liability and actions you can take to legally minimize what you will have pay the IRS.  Here then are some easy to action mid-year tax moves that you should have on your radar now, rather than waiting till…

Knowing the exact age at which something happens to your retirement accounts is more valuable than most general planning advice. Miss an RMD at 73 and you're looking at a 25% penalty. Claim Social Security two years too early and that reduction follows you for life. Here's a clear map…

With stock markets booming, it is little surprising that 401K retirement plan balances are at record highs. In a recent study covering 20 million participants across nearly 23,000 corporate plans, the nations largest retirement plan administrator Fidelity Investments, found that the average 401(k) account balance was over $129,000 last year, up…

When you sell a capital asset — a stock, bond, cryptocurrency, real estate, or other investment — the profit (or loss) is classified as a capital gain or loss. How much you owe in tax depends on three things: what type of asset it was, how long you held it,…

It’s time to save for retirement. It doesn’t matter how old or young you are, it doesn’t matter if you’re single or married and it doesn’t matter how good or bad the economy happens to be at this particular point in time. Some things are simple and others are complicated.…