Yesterday members of the House of Representatives announced their version of income tax reform. The Senate is expected to offer its own version as early as next week. Assuming each passes without changes (and that’s a big assumption) there will still likely be changes as the legislation moves through the reconciliation process before being presented [...]
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, [...]
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 [...]
Individuals and businesses impacted by Hurricane Harvey have been granted tax relief by the IRS. The following counties are eligible: Aransas Bee Brazoria Calhoun Chambers Fort Bend Galveston Goliad Harris Jackson Kleberg Liberty Matagorda Nueces Refugio San Patricio Victoria Wharton EXTENSIONS: Individuals and businesses with valid extensions (due to expire 10/16/17 and 9/15/17 respectively) will [...]
Back in 2015 we introduced you to myRA. Well, OK, Treasury under the Obama Administration introduced myRA but we sat down with "her" for this exclusive, in-depth interview. Well, myRA is no more. The program intended for people who did not have access to workplace savings plans is being discontinued. The program has been far [...]
A couple of significant changes in the mortgage market go into effect this month. Borrowers will see a bump in their FICO scores due to the removal of certain liens and judgments. This is not a market-based change but a response to legal action. Fannie Mae and Freddie Mac are increasing their debt-to-income ratio limit [...]