Over the coming days residents and businesses alike will be assessing the damage caused by Hurricane / Nor'easter / Super-storm Sandy. Below are telephone numbers for the more common carriers for reporting claims: ACE 800-778-1629 Allstate 800-255-7828 Chubb 800-252-4670 Chartis 888-760-9195 Encompass 800-588-7400 Fireman's Fund 800-870-8857 NJM Insurance Group 800-367-6564 Progressive 888-274-4499 PURE 888-813-7873 State [...]
2013 2012 401(k) / 403(b) Elective Deferrals $17,500 $17,000 Catch-up Elective Deferrals $5,500 $5,500 Eligible Compensation $255,000 $250,000 Annual Contribution Plan Limit $51,000 $50,000 IRA Contribution $5,500 $5,000 IRA Catch-up Contribution $1,000 $1,000 Social Security Wage Base $113,700 $110,100
Next week we'll find out the Cost of Living Adjustment ("COLA") for 2013 afforded to recipients of Social Security benefits. Given today's low interest rate (and low inflationary assuming you don't eat or drive a car!) environment projections are for a similarly low bump up to monthly checks. The independent American Institute for Economic Research is forecasting [...]
If stupid is as stupid does then it's clear Forrest Gump is running France. Today the French government proposed a budget that includes a 75% tax rate on income assessed against the "super rich." Robbing Peter to pay Paul is utterly pointless and is a reminder of Margaret Thatcher's wonderful comment about Socialism. To paraphrase: [...]
Food for thought courtesy of the WSJ. Happy Labor Day!!
Recently reported data shows that close to 11,000,000 taxpayer accounts are in IRS Collection. This represents a near doubling since 2002 as shown in the accompanying graphic. The typical deadbeat owes $10,756.
The Internal Revenue Service ("IRS") has released a new draft version of Form 706 - the form used to prepare and file the Estate and Generation-Skipping Transfer Tax Return. For the first time the draft includes a check box enabling an executor to opt out of the portability election for the unused portion of a deceased spouse's estate and [...]
You get what you pay for. Seems simple enough. This concise yet powerful statement effectively conveys the idea that inexpensive means shoddy while expensive means top quality. Is this always true? Of course not. But marketers expect us to believe it. Why buy store brand Puffed Rice when, clearly, the more expensive Kellogg's Rice Krispies are far [...]
Whether you agree or disagree with George Will he offers some rather tasty food for thought.
A disturbing study released by the nonpartisan National Bureau of Economic Research finds that almost half of Americans die with less than $10,000 in assets. Not surprisingly the study has gone largely overlooked given the penchant of Americans to ignore bad news and that which might suggest the need for positive behavioral changes. The study's authors (James [...]