On October 27, 2016, the Internal Revenue Service announced 401k contribution limit and cost-of-living adjustments affecting dollar limitations and compensation thresholds for pension plans and other retirement-related items for tax year 2017. 401k Contibution Limit Increases and Changes The Highlights of Limitations that Changed from 2016 to 2017 For single taxpayers covered by a [...]
Have you ever opened your cell phone bill and thought, “Wow, that was cheap?” Yeah, didn’t think so. But take heart: It’s possible to lower your charges before your next billing cycle. Simple tweaks, such as updating your service address and changing or removing your insurance package can make small dents in your bill — and those [...]
Welcome news: As of 2016, if you die with less than $5.45 million in assets — or $10.9 million if you’re married — your estate won’t owe federal estate tax. Surprised? Most people are. As a financial planner, I come across many people who list avoiding estate tax as a top priority in their financial [...]
A new IRS program set to take effect next spring may make it harder to tell which of those dubious phone calls many people get about outstanding tax bills are actually fake. The agency announced this week that it’s hired four private debt-collection firms to search America’s couch cushions for overdue federal taxes: ConServe, based [...]
Shutterstock photo Our national parks are one of America’s greatest resources. If you live in a city or suburb, America can feel small and crowded, but stepping into a national park will change your perspective. Wide-open, clean spaces filled with exotic flora and fauna, all waiting to be explored. These parks are public [...]
Martin Barraud | Getty Images As rate hikes increase, older Americans weigh dropping policies. Eileen Cheng, 70, is holding on to the long term care insurance policy she purchased 15 years ago, even with an expected rate increase. "If you're buying it at 60, you may need it when you're almost 80," she [...]
More than 25 percent of all Americans have no savings to speak of, let alone a retirement nest egg. But for those without an employer plan, like a 401(k), that number is much, much larger. About 70 percent of so-called 1099 workers, including freelancers and contractors, said they have no long-term savings at all, according [...]
You likely aren’t interested in raising your tax bill, but if you use bad judgment or make a serious error on your tax return, that’s exactly what will happen when the IRS hits you with a penalty. But hey, at least you won’t be alone: The federal agency imposed almost 32 million civil penalties amounting [...]
When the Federal Reserve gives interest rates a nudge, you feel it. "The Federal Reserve has its fingers in your pocketbook to a greater degree than the IRS," says Michael Reese, a CFP professional in Traverse City, Michigan. The interest rates you pay and earn, the availability of credit and even your prospects in the [...]
Whenever anyone sets forth on a credit-building journey, they are undoubtedly given the same piece of advice: open a credit card account. This lesson is repeated over and over again because it’s one of the simplest steps an individual can take to begin establishing their credit history. However, there are plenty of people who may [...]
