The IRS has announced it will no longer accept electronically filed returns where the taxpayer does not address the reporting requirements of the Affordable Care Act (“Obamacare”). In addition returns filed on paper that don’t address the reporting requirements may be suspended pending receipt of additional information and any refunds may be delayed. This marks [...]
The Internal Revenue Service has announced the annual inflation adjustments for a number of tax-related provisions. Assuming no changes as a result of the ongoing tax reform debate these are the numbers and tables that will matter come Jan 1st. Individual income tax brackets will remain at 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. [...]
Recently announced changes by the Social Security Administration: WORKERS: If you have a job then you pay 6.2% of your earnings into the Social Security system. The maximum amount of earnings subject to the Social Security tax – the so-called “wage base” – will increase from $127,200 to $128,700. Of the estimated 175 million workers [...]
Much is being made of the Administration’s tax reform proposals. It’s the usual politicized rhetoric. Democrats argue it’s a tax cut for the rich. Republicans argue a small percentage of taxpayers pay a large percentage of taxes so, logically, the largest portion of a tax cut will benefit those paying the most taxes. Been there, [...]
On the heels of when smart people do stupid things we provide an example of when smart people say smart things. Today it’s Dr. Mohamed El-Erian. Read his comments focusing on the importance of the big picture – of the road traveled instead of what’s at the end of it. The implications are huge. It isn’t [...]
In an interview with CNBC the Oracle of Omaha disclosed that his investment vehicle (Berkshire Hathaway) is delaying taking profits in anticipation of a tax cut. Right now we're sitting and watching because within three months, actually less than that, we'll know the answer on it . . . I would feel kind of silly [...]
Should a financial relationship be about doing what’s right or feeling good? The former, right? Not so fast. A survey by index zealots DFA found the #1 thing valued in receiving financial guidance is a “sense of security / peace of mind.” Not that that’s a bad thing of course but at 35% of respondents [...]
The outlay for long-term care services increased an average of 4.5% from 2016 to 2017. That’s more than double the 1.7% U.S. inflation rate. The primary culprit was increased labor costs due to a shortage of caregivers. For example home health aids charged an average of $21.50/hr – an increase of 6.17% year-over-year. The 2017 [...]
Thanks to YOUR generosity and matching funds from Apollo (and other firms) the Linda Fund at Tabby's Place outpaced prior years by raising $198,577 during this year's drive. This record-setting amount will help provide emergency and specialty medical care for the neediest of cats. If you missed out on this year's matching gift [...]
Worried about exposure of your personal data? Here are steps you can take now: 1 - Check Your Free Credit Report Federal law allows you to request a free copy of your credit report once a year from each of the three credit reporting agencies. Doing so will allow you to see if anyone has [...]