Tag: income

See this updated article for the latest program information on Food Stamp (SNAP) benefits, emergency allotments (EA) and eligibility levels. Historical SNAP information is shown below for reference only. _______________________________ 2017 Update - The USDA has published 2017 details for its Supplemental Nutrition Assistance Program (SNAP).  The income thresholds and monthly benefit details are valid till September 2017…

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…

Following enactment of the American Tax Relief Act (ATRA) a few years ago, the annual "AMT patch" legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax is now no longer required. Instead the AMT exemption and associated thresholds based…

The US Bureau of Economic Analysis has released the 2010 Gross Domestic Product (GDP) figures which showed a 2.6% average increase across the nation. As the graphic below shows 48 states and Washington DC experienced real GDP growth, led by the eastern seaboard states. Texas, North Dakota and Oregon were…

Ask yourself this question. What is your most important and valuable asset? Think about it for a minute. Is it your house? Your savings or your 401(k) retirement plan? Your sports car or rare memorabilia? While all of these things are both important and valuable, none of them truly represent…

The US Census bureau collects and publishes the most timely and accurate income data on an annual basis, which make for interesting reading from a personal finance perspective. Income is primarily earnings from a job, but includes Social Security payments, pensions, child support, public assistance, annuities, money derived from rental…

One of the most important tax forms you will receive during tax season is a W2. This is the official form that employers use to report employee wages/income, bonuses and other benefits received during the year; along with taxes (federal, state, medicare and social) that were withheld during the tax year.…

In the current financial climate as the economy slows with rising inflation, many of us are under pressure to pay the bills, buy basic household items and meet our day-to-day expenses. Finding spare cash to pay off loans, save for your kids college expenses and to build up a decent…

See this article for the latest IRS tax brackets. Federal Income Tax Rate and Brackets and various tax benefits will remain unchanged or change only slightly over 2009 levels as shown in the table below. Consumer Price Index (CPI) data released by the Bureau of Labor Statistics (BLS), used by…

A slumping economy and the prospect of prolonged unemployment has led many workers to consider going to business themselves and because of the perceived safety, brand name and established support structures, franchising is often a popular option. In fact rather than use their redundancy payouts to pay off a chunk…

We have all thought about being wealthy and rich, and what we would do if we had enough money to fund all our desires and take care of loved ones. In reality however there are only a few ways to truly get rich. Discussed below are the main paths on…

I do in my household. Doing the household finances is something I don't mind, apart from seeing all the bills which means money going out the door. I also do the budgeting, taxes and investments. I have a natural affinity for all things finance, a reason I write this blog, and…

Let's clear one misconception - creating a budget spreadsheet won't make you any more money or make you rich. What it does is provide a framework to organize and track your finances. Ideally you would want to maintain a budget for six months to a year to get an idea…