Tag: taxes

[2017 COLA update] Its been a few years with relatively minor COLA (cost-of-living-adjustment) increases but even with the marginal 2017 COLA increase of 0.3%, over 12 million Americans will pay higher taxes in 2017 as the maximum taxable earnings (wage base) subject to social security also increased from $106,800 to $110,100. You can see the previous…

For the majority of tax filers mid-April is the deadline to file their tax return. Even if you don't have enough money to pay your entire tax liability you must take action. Inside your head, you scream, "I need more time!" But before you stress out realize that the IRS offers…

For 2026, the IRA contribution limit is $7,500 — the first increase from the $7,000 limit that held for 2024 and 2025. Whether you're putting money into a traditional IRA or a Roth IRA, that's your combined ceiling across all IRA accounts. The IRS announced this increase in IR-2025-111, along…

The 2026 401(k) contribution limit is $24,500 — confirmed by the IRS in IR-2025-111. That's a $1,000 increase from 2025, driven by COLA adjustments under SECURE 2.0. The same limits apply to 403(b) plans (teachers, hospital workers, nonprofits) and the federal Thrift Savings Plan (TSP). If your employer plan matches…

Tax return processing and refund payments continue to be bumpy this year given IRS budget cuts and introduction of several tax changes under Trump’s One Big Beautiful Bill (OBBB). With over 160 million returns expected to be filed this tax season, many tax filers can expect processing delays beyond the…

I have received variations on this question over the last few years and when I saw this article in the WSJ I had the answer to my question.  The national average fee for 2014 returns will be $273, according to a survey by the National Society of Accountants. This fee is…

Answer: About 17 percent according to a report by the Tax Foundation. This figure is based on the average U.S. wireless bill and includes the amount for federal, state and local taxes and fees. Larger metros not surprisingly have higher than average wireless taxes on their residents. In New York City…

Millions of Americans contribute to an employer sponsored 401K or traditional IRA (Individual Retirement Account). And over the last few years the government has steadily been increasing the maximum contribution people can make to ensure that folks can build a larger nest egg during retirement. But thanks for the low inflation environment…

The following are 8 signs that you may owe the  Alternative Minimum Tax (AMT), or the rich-mans tax, this year. You or your household fall into the high income category (generally $250,000 or more), which means that a good part or all of your AMT exemption is phased-out. You have…

See this article for the latest IRS updates to federal tax brackets and standard deductions. ____________ Below are the 2014 IRS federal tax brackets based on annual inflation adjustments. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes…

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 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…

[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…