The IRS recently announced mostly unchanged limits on retirement plans (i.e. 401(k)s) for 2017. Full details are available in Notice 2016-62. In a bit of "good" news, however, most of us won't have to increase funding of our retirements since we're dying sooner than previously expected.
With apologies to Bobby Fuller (who popularized a work originally written and recorded by Sonny Curtis) we've co-opted this wonderful song to make a point about the weapons-grade BS that continues to come out of Washington. On Tuesday the Clinton campaign (via communications director Jen Palmieri) said the election is a choice between improving President [...]
Yesterday the Internal Revenue Service announced in Revenue Procedure 2016-55 the tax year 2017 annual inflation adjustments. Salient points are as follows: TAX BRACKETS (single – “S”) If taxable income is between $0 and $9,325 then 10% of taxable income. If taxable income is between $9,326 and $37,950 then $932.50 + 15% of the amount [...]
And the hits just keep on comin'... BENEFICIARIES: The Cost of Living Adjustment ("COLA") of 0.3% means the average SS check will increase $4/mo. Don't blow it all in one place! TAXPAYERS: The Social Security wage base (or amount of earnings subject to the 6.2% tax) increases from $118,500 to $127,200. Both employers AND employees [...]
The Washington-based Tax Foundation (a non-partisan, independent research group educating taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of income) has analyzed Hillary Clinton’s proposed tax increases on people with “high incomes” and businesses and determined it to be a drag on economic growth. Findings [...]
Aristotle famously stated, "A is A." A fork is a fork. A fork is not a spoon (well, unless you're a fan of the spork!), a fork is not a baseball, a fork is not a pencil, etc. Seems obvious enough. Apparently politicians are lousy logicians as they seem to think permanent is temporary. On [...]
In accordance with Supreme Court decisions the Internal Revenue Service has issued final regulations redefining terms relating to marital status. The rules reflect the Supreme Court’s landmark rulings in the 2015 case of Obergefell v. Hodges and the 2013 case of Windsor v. U.S. that legalized same-sex marriage in every state and invalidated the Defense [...]
Typically an IRA, 401(k), 403(b) or other employer-sponsored retirement plan distribution can qualify for a tax-free rollover if contributed to another IRA or employer-sponsored retirement plan within 60 days. Taxpayers who don’t meet the time requirement face an income tax bill on the distribution. On Wednesday the IRS unveiled a new procedure allowing taxpayers to [...]
Are advisors worth their fees? Research shows the answer is a resounding “yes,” albeit not for the reasons you might have supposed. Find out why here.
Our caveman ancestors had a simple test for survival – Fight or Flight. In our modern world money is the source of survival. As a result every primitive survival and pleasure-seeking drive is intensely focused on capturing and guarding money. These drives are involuntary and highly emotional emerging more quickly and forcefully than logical analysis. [...]