2013 | Saving to Invest

How Much Will 2024 Social Security and SSI Increase After Record 2023 COLA Increase – Extra Monthly Payment Amount

[Updated for projected 2024 Increase] Soaring inflation and related Fed rate hiking actions had a silver lining for many eligible recipients in 2023, with a 8.7% increase (~$145 p/month) in Social Security (SS) benefits and Supplemental Security Income (SSI) payments in 2023. The 2024 increase however is expected to much smaller as inflation cools,…

Best Job Prospects for 2026 and Beyond: What the Latest BLS Data Shows Is Actually Growing

The national unemployment rate was 4.2% in June 2026, and the economy added just 57,000 jobs that month — well below expectations, with leisure and hospitality actually losing jobs while healthcare and professional services kept growing. It's a mixed, uneven labor market, and it makes the question of where the…

2026-2027 Saver’s Tax Credit Income Limits and How to Claim It

The Saver's Credit gives lower- and moderate-income workers a direct tax credit — not just a deduction — for contributing to a retirement account. For 2026, the income limits increased across all filing statuses, so more people now qualify than in prior years. The IRS confirmed these thresholds in Notice…

Federal Income Tax Tables and Rates For 2014 Tax Season

April 15th 2014, or the 2013 tax filing due date, is not that far away. Which means its time to do some serious tax planning so that by year end you maximize your income while minimizing your taxes dues when filing in 2014. But first, the official rates and tables…

The 10 Largest Tax Breaks In The Income Tax system

The Congressional Budget Office (CBO) has published an interesting report titled, The Distribution of Major Tax Expenditures in the Individual Income Tax System, that shows how 10 of the largest tax breaks, credits and deductions are distributed across household with different income levels. These tax breaks (or tax expenditures as…

Your 2013 Tax Rate – Understanding Your IRS Marginal and Effective Tax Bracket

With the 2012 tax season in the rear view mirror, its time to start thinking about 2013 taxes and strategies that you can put in place to minimize taxes owed in 2014. But before that take some time to familiarize yourself with the new 2013 tax brackets shown below. But, be careful…

Housing Market Outlook

My realtor who helped with buying my home a few years ago occasionally sends me newsletters on the state of the US housing market. For the most part this is marketing material looking for referrals and to keep her in mind if when I decide to sell or upgrade. But…

2013 Debt Ceiling Debate – Spending Cuts, Soaring Deficit, Tax Refund Delays and Political Theatrics

As I was writing this article I re-read my original pieces on the 2011 debt ceiling debate/deal and got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress, who barely passed legislation to avert the fiscal cliff, trying to reach a new deal to keep the…

2013 Tax Changes, Credits and Impacts You Need to Be Aware of When Filing Your Tax Return in 2014

[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of updated federal tax rates, new…

Itemized Deductions and Pease Personal Exemption Phase-out Income Limit Changes Under Biden Plan

Under the latest Biden tax proposals, there is talk of restoring the the tax benefit limitation of itemized deductions to 28 percent of value for those earning more than $400,000. The proposal would also restores the Pease limitation on itemized deductions for taxable incomes above $400,000 that is discussed below…

$500 Increase in 2013 401k and IRA Contribution Limits Makes a Real Difference at Retirement

The IRS has provided a $500 increase in tax deductible 2013 401(k) and IRA contribution maximums. Employer sponsored 401k plan contribution maximums have risen from $17,000 to $17,500. IRA limits have risen to $5,500 from the 2012 maximum of $5,000. These increases may not seem like a lot at first glance but over a number…

Roth IRA Contribution Limits Based on Filing Status and Income

After several years the IRS has raised Roth IRA contribution levels, along with the annually indexed income qualification levels that allow eligible contributions. This is good news for those looking for tax effective ways to manage their retirement savings. [See this article for the latest Roth IRA limits] Unlike 401(k) and Traditional…

Will We Fall Off The Fiscal Cliff in 2013 – Impacts on Your Taxes and Finances

The Washington Post had two graphics that neatly summarize the impacts from the fiscal cliff. This is the number one topic in the world of finance and almost all Americans will be impacted by the potential fallout in some fashion. My opinion is that Congressional Republicans and the Obama administration will reach some form…

My Employer Once Again Hiked Health Insurance Premiums During Open Enrollment

It's that time of the year again. Open enrollment. It's also fall, but as this is a personal finance blog, weather is not the focus. My current employer, a Fortune 500 firm, recently released their employee contribution rates (i.e health insurance premiums) for it's employees and once again rates are…

Tag: 2013