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2015 Tax Rates Announced

The 2015 tax rates have just been announced by my friends at the IRS. If you've been reading this blog for a while, you know how taxes work, more or less. The tables aren't the actual tax you pay on gross income, but on taxable income which is gross less a number of items, including [...]

2015 Retirement Plan Limits

This year has flown by and as we approach year end, the IRS shares the numbers that will impact your 2015 retirement savings limits. 2013 inflation was low enough that we saw no increase in '14. 2015, however, sees a bit of a bump, so let me share these numbers. Employee contributions to 401(k), 403(b), [...]

The Student and Family Tax Simplification Act

As my regular readers will recall, I often pass Walden Pond, as I live a few towns away, and while writing at Walden Pond, Thoreau wrote, "Our life is frittered away by detail. Simplify, simplify, simplify! I say, let your affairs be as two or three, and not a hundred or a thousand; instead of [...]

2015 Federal Budget – Estate Tax

The estate tax is a tricky beast. Just 15 years ago, Federal estate taxes kicked in at $650K of an estate's value. This may seem like a large sum, but consider it included all that you leave behind. Your home, saving, retirement accounts, and perhaps the biggest item, life insurance. Biggest, because even if you [...]

2015 Federal Budget – 60 Day Rollover

I'm back with another proposed change to the tax code pulled from the 2015 Federal Budget. The current law states that a surviving non-spouse beneficiary under a tax-favored employer retirement plan may roll over assets to an IRA only by means of a direct rollover and that a surviving non-spouse beneficiary under an IRA may [...]

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