[Updated on Nov. 1, 2019 after the IRS published the official numbers.] Retirement plan contribution limits are adjusted for inflation each year. Inflation has come up a bit lately. It's going to push up both the 401k/403b/457 contribution limit [...]
2018 Tax Calculator With ACA/Obamacare Health Insurance Subsidy
Since the passing of the new tax law, major tax software vendors such as TurboTax, H&R Block, and TaxACT updated their online tax calculators to include a comparison between 2017 and 2018. TaxCaster by TurboTax Free Income Tax Calculator [...]
2018 HSA Family Coverage $6,900 OK After All
The IRS originally announced back in early 2017 that the 2018 HSA contribution limit for family coverage would be $6,900. Then Congress passed a new law in December 2017 that changed how inflation adjustments are calculated, effective in 2018. Based [...]
2017 2018 2019 HSA Contribution Limits
The contribution limits for various tax advantaged accounts for the following year are usually announced in October, except for HSA, which come out in April or May. The recent tax law also changed how the limits adjust for inflation. When the IRS [...]
A Solo 401k Is Not A Bigger IRA
The solo 401(k) has become the go-to retirement plan for self-employed business owners who don't have other employees. It allows a larger contribution at a lower income level than SEP IRA. It also provides sanctuary for pre-tax assets to those doing [...]
2017 2018 2019 Federal Poverty Levels (FPL) For Affordable Care Act
People who don't have health insurance from work can buy health coverage under the Affordable Care Act, also known as Obamacare. The premiums are made affordable by a premium subsidy in the form of a tax credit calculated off your income relative to [...]
Paying Taxes: By The Book Or Catch Me
As the calendar flipped over to 2018, the frenzy of prepaying property tax is finally over. As I observed in emails and Internet postings it occurred to me there are two opposite camps when it comes to paying taxes. The first camp, where I belong, [...]
IRS Advisory On Prepaying Property Tax In 2017
At the end of the previous post on making the mortgage payment due on January 1 in December, I wrote: Similarly, if the 2018 property tax bill hasn’t come out yet, prepaying now to just have the local government hang on to the money doesn’t make [...]
Make Mortgage Payment Due On January 1 In December
This is a quick follow-up to my email to subscribers yesterday. I said I wasn't sure whether making the mortgage payment due on January 1 in December would save taxes when you will switch from itemizing deductions in 2017 to using the standard [...]
