Tag: 2016

This article provides updates on the Cost-of-Living Adjustment (COLA) over the last few years and predictions for the coming year. You can see more on the final 2025 COLA (2.5%) below. COLA is particularly significant for over 71 million Americans, especially retirees, as it directly affects their Social Security and…

[Updated PATH Refund Status & Release Dates] Early tax filers who claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) may experience a payment delay or freeze in their refund until early March due to the PATH Act. See below for when returns impacted by the…

The IRS has announced that it is now processing tax returns for all taxpayers, including those who filed a return including those who claimed the EITC/ACTC. Unlike prior years, processing seems to be much smoother this year. The number of returns processed by the I.R.S. was down about 10 percent…

With the markets rocky, US and global economies facing headwinds and a presidential political campaign in full swing, choosing how to allocate your current and future retirement savings for the medium to longer term is no easy task. But rather than just leave your current 401K and IRA allocations as is…

You can see the latest EIC tables in this updated Earned Income Tax credit (EITC) page [Updated] Below are the final IRS published 2016 and 2017 Earned Income Tax credit (EITC) figures. You can reference IRS publication 596 or use online tax providers like TurboTax or H&R Block to get a free estimate of the specific…

The IRS has released its latest individual employee contribution annual limits for those participating in employer sponsored retirement programs covering 401(k), 403(b), 457 and Government Thrift Savings (TSP) plans. Changes are shown in the table below. The contribution limits are indexed to inflation and as a result are adjusted annually by the…

Despite ObamaCare, formally known as the Affordable Care Act, having been around for several years now there is still considerable uncertainty around the various tax credits and subsidies on premiums, deductibles, co-payments, and coinsurance. The value of these credits and subsidies are generally dependent on your modified adjusted gross income (MAGI) and family…

When it comes to tax season I receive a lot of reader questions, many tinged with a hint of desperation, around why IRS tax refunds are taking so long to be processed and what can be done to get their money sooner rather than later. This was no different in the…

[Updated] Will i still have to pay health insurance penalties (under the Obamacare individual mandate)? This is the question a lot of Americans are asking. The short answer is NO from 2019.  Here is why the individual mandate, a.k.a Obamacare penalty, is no longer in effect from 2019: While Congressional Republicans…

A SIMPLE IRA is 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 deferred pre-tax salary contributions, while the employer makes matching or non-elective contributions…

You've filed your tax return and are expecting a tax refund. Congratulations!  Now, you want to know when to expect your refund and/or why is it taking so long to receive your money! Generally, if you e-file and use direct deposit, the IRS estimates that you should receive your federal…

Here are the latest Health Savings Account (HSA) limits released by the IRS. Consistent with recent years, the inflation-adjusted contribution limits for individuals and families are continuing to increase. Latest HSA Contribution and Out-of-Pocket limits You can see the latest limits in the table below, including minimum deductible and maximum…