Category: Personal Finance
Getting retirement benefits abroad: What you need to know
If you plan on retiring overseas, it may still be possible to receive your retirement benefits while living abroad. Here's what the Social Security website advises: If you’ve worked in both the United States and another country, it may be possible...
Guest Author Harry Glanz: How to avoid the most common mortgage mistakes
The most common mistake people make is NOT having a complete plan in place before shopping for a new home. A thorough plan is needed for goals and objectives. Having an effective plan in place entails sitting down with clients...
IRS announces 2017 pension plan limitations
The IRS recently announced that the limit on elective deferral for contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan remains $18,000 for 2017, and the catch-up contribution limit for those 50 and...
IRS redefines marital status to include same-sex marriage
In accordance with the 2015 landmark case of Obergefell v. Hodges and the 2013 case of Windsor v. U.S., the IRS has issued final regulations redefining terms relating to marital status to include same-sex marriage for federal tax purposes. The finalized regulations amend the...
IRS issues new procedure for IRA and retirement plan rollovers
Last month, the IRS issued a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). Previously, taxpayers who...
Understanding the dreaded Alternative Minimum Tax
Enacted in 1969 as an add-on tax designed to ensure high-income taxpayers pay at least a minimum amount of federal income tax, the Alternative Minimum Tax (AMT) was designed to ensure high-income individuals were not able to evade income tax...
Back-to-school tax tips
It’s hard to believe, but the first day of school is nearly upon us. According to TaxAudit.com, taxpayers should keep the following tips in mind when it comes to education-related tax breaks and deductions this school year. Before and After...
IRS acknowledges per-taxpayer interpretation of mortgage interest deduction limits
The IRS has announced that it will follow the decision in Voss v. Commissioner, which specifies that two unmarried individuals purchasing a residence together can each deduct interest on a mortgage up to $1 million and home equity debt up...
5 financial tips for newly-employed young people
Summer. A time for barbeques, trips to the beach, ice cream and, for many teenagers and young adults, their first jobs. What better time, then, to educate the newly employed about sound financial practices, before they’re tempted to spend all...
Wondering why you still owe money at tax time? It may be the multiple-employer trap
This article appeared in Accounting Today. All across America, hard-working people receive their personal income tax returns and wonder why they still owe money at tax time. For some the answer is that they sacrificed adequate withholding to receive more...