Because the cost-sharing limits for HDHPs will change for 2018, employers that sponsor these plans may need to make plan design changes for plan years beginning in 2018.
There are various provisions in the Income Tax Act that provide tax exemption if one has made investments in certain types of insurance. This infographic provides an overview of the same to help you understand some common investment options within insurance.
Because the cost-sharing limits for HDHPs will change for 2018, employers that sponsor these plans may need to make plan design changes for plan years beginning in 2018.
There are various provisions in the Income Tax Act that provide tax exemption if one has made investments in certain types of insurance. This infographic provides an overview of the same to help you understand some common investment options within insurance.
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution:
Effect of tax cut and job act for couples over 65James Orr
Captures some of my analysis of the effect of Thrump's "Tax Cut and Job Act" on my strategy for managing my pre-tax IRA funds. Specially written for couples over 65 on Medicare due to the effect of Gross Taxable Income on both federal income tax and Medicare Premiums. Identifies general tax planning strategies and also identifies a largely unaddressed risk, which is effect of change in income tax filing status when a spouse dies (from "Married Filing Jointly" to filing as "Single").
Estimated tax penalty usually applies when a taxpayer pays too little of their total tax during the year. Each year, around 10 million taxpayers face an estimated tax penalty. Log on http://www.etservicesva.com/
Employers should ensure that their health FSA will not allow employees to make pre-tax contributions in excess of $2,650 for 2018, and they should communicate the new limit to their employees as part of the open enrollment process.
IRS Enforced Collection Actions and Alternatives to Enforced Collection.Tax Defense Network
The Internal Revenue Service (IRS) is a powerful and historically unrelenting creditor. The Internal Revenue Code grants the IRS extraordinary powers to enforce tax collection. The IRS has greater collection powers than those possessed by private creditors, which are usually required to obtain a judgment in court before forcibly collecting from a debtor.
You can convert amounts from a traditional IRA to a Roth IRA in three ways.
You can make a rollover. You receive a distribution from your traditional IRA and then roll it over to a Roth IRA within 60 days after the distribution.
You can make a trustee-to-trustee transfer. You direct the trustee of the traditional IRA to transfer an amount from your traditional IRA to the trustee of your Roth IRA.
You can make a "same-trustee" transfer. If the trustee of your traditional IRA also maintains your Roth IRA, you can direct the trustee to simply transfer an amount from your traditional IRA to your Roth IRA, or redesignate your traditional IRA as a Roth IRA.
April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should file your tax return and pay the tax as soon as possible. Here are some facts that you should know.
The purpose of Roth IRA conversions as it relates to NIIT is to lower modified adjusted gross income (MAGI) below the threshold amount over the long-term. Some benefits of Roth conversions include lower overall taxable income, tax-free compounding, no required minimum distributions at age 70 ½, tax-free withdrawals for beneficiaries, and more effective funding of the “bypass trust”. Converting to a Roth IRA creates opportunities to reduce the overall size of the estate and to take advantage of greater tax-free yields and favorable tax attributes. Bob Keebler walks you through the mathematics of conversion through examples, tactical considerations, and a four-step process for Roth conversion planning.
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
Tax season is just around the corner and changes to the capital gains tax rates will affect taxpayers filing their returns at the beginning of 2014. If you sold capital assets during 2013, you might be subject to the increased rates. This brief provides important information on preparing for the capital gains tax hike.
Capital gains tax is the tax on capital asset profits—the profit made from selling an item bought for personal investment. On January 1, 2013, the government passed the American Taxpayer Relief Act of 2012 (ATRA). The ATRA added a top federal income bracket of 39.6% and increased the long-term capital gains tax rate to 20% starting in the 2013 tax year.
Proposed Taxation Law (Second Amendment to Finance Act, 2016) - An Analysis of taxes while accounting the unaccounted- A simple step by step computation
Because of the multi-dimensional tax environment that now exists post-American Taxpayer Relief Act, CPA financial planners must look at the tax impact on clients’ financial plans through a 5 to 10 year horizon. Ordinary income tax rates from the Bush Administration were made permanent. The capital gains rate increased from 15% to 20% for taxpayers with income greater than the threshold amounts. Phase-out of personal exemptions and limitations on itemized deductions (Pease) become critical in managing tax brackets by shifting income and deductions into certain years. Visit the AICPA PFP Section’s Post ATRA & NIIT Toolkit for more in-depth resources on planning in preparation for year-end.
Updating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t typically use an IRS checklist, here are a few things to keep in mind when filing your first tax return as a married couple.
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution:
Effect of tax cut and job act for couples over 65James Orr
Captures some of my analysis of the effect of Thrump's "Tax Cut and Job Act" on my strategy for managing my pre-tax IRA funds. Specially written for couples over 65 on Medicare due to the effect of Gross Taxable Income on both federal income tax and Medicare Premiums. Identifies general tax planning strategies and also identifies a largely unaddressed risk, which is effect of change in income tax filing status when a spouse dies (from "Married Filing Jointly" to filing as "Single").
Estimated tax penalty usually applies when a taxpayer pays too little of their total tax during the year. Each year, around 10 million taxpayers face an estimated tax penalty. Log on http://www.etservicesva.com/
Employers should ensure that their health FSA will not allow employees to make pre-tax contributions in excess of $2,650 for 2018, and they should communicate the new limit to their employees as part of the open enrollment process.
IRS Enforced Collection Actions and Alternatives to Enforced Collection.Tax Defense Network
The Internal Revenue Service (IRS) is a powerful and historically unrelenting creditor. The Internal Revenue Code grants the IRS extraordinary powers to enforce tax collection. The IRS has greater collection powers than those possessed by private creditors, which are usually required to obtain a judgment in court before forcibly collecting from a debtor.
You can convert amounts from a traditional IRA to a Roth IRA in three ways.
You can make a rollover. You receive a distribution from your traditional IRA and then roll it over to a Roth IRA within 60 days after the distribution.
You can make a trustee-to-trustee transfer. You direct the trustee of the traditional IRA to transfer an amount from your traditional IRA to the trustee of your Roth IRA.
You can make a "same-trustee" transfer. If the trustee of your traditional IRA also maintains your Roth IRA, you can direct the trustee to simply transfer an amount from your traditional IRA to your Roth IRA, or redesignate your traditional IRA as a Roth IRA.
April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should file your tax return and pay the tax as soon as possible. Here are some facts that you should know.
The purpose of Roth IRA conversions as it relates to NIIT is to lower modified adjusted gross income (MAGI) below the threshold amount over the long-term. Some benefits of Roth conversions include lower overall taxable income, tax-free compounding, no required minimum distributions at age 70 ½, tax-free withdrawals for beneficiaries, and more effective funding of the “bypass trust”. Converting to a Roth IRA creates opportunities to reduce the overall size of the estate and to take advantage of greater tax-free yields and favorable tax attributes. Bob Keebler walks you through the mathematics of conversion through examples, tactical considerations, and a four-step process for Roth conversion planning.
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
Tax season is just around the corner and changes to the capital gains tax rates will affect taxpayers filing their returns at the beginning of 2014. If you sold capital assets during 2013, you might be subject to the increased rates. This brief provides important information on preparing for the capital gains tax hike.
Capital gains tax is the tax on capital asset profits—the profit made from selling an item bought for personal investment. On January 1, 2013, the government passed the American Taxpayer Relief Act of 2012 (ATRA). The ATRA added a top federal income bracket of 39.6% and increased the long-term capital gains tax rate to 20% starting in the 2013 tax year.
Proposed Taxation Law (Second Amendment to Finance Act, 2016) - An Analysis of taxes while accounting the unaccounted- A simple step by step computation
Because of the multi-dimensional tax environment that now exists post-American Taxpayer Relief Act, CPA financial planners must look at the tax impact on clients’ financial plans through a 5 to 10 year horizon. Ordinary income tax rates from the Bush Administration were made permanent. The capital gains rate increased from 15% to 20% for taxpayers with income greater than the threshold amounts. Phase-out of personal exemptions and limitations on itemized deductions (Pease) become critical in managing tax brackets by shifting income and deductions into certain years. Visit the AICPA PFP Section’s Post ATRA & NIIT Toolkit for more in-depth resources on planning in preparation for year-end.
Updating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t typically use an IRS checklist, here are a few things to keep in mind when filing your first tax return as a married couple.
Parity games are a formalism that is used in software verification. The question whether a computer system satisfies a given property can be described as a parity game.
The complexity of solving parity games (the problem is in NP and co-NP), makes that het problem is not only interesting from a software verification point of view, but also from a complexity theoretic perspective. As a consequence, in recent years a large number of algorithms and heuristics for solving parity games have been developed. However, in this papers often only the theoretical complexity of the algorithm is considered, or, if experiments are performed they are based on a small set of parity games.
In this talk, I introduce a large set of parity games that should lead to better and more complete comparisons of algorithms that have been introduced in the literature.
This talk was presented at FSEN 2015. See my blog at http://www.jeroenkeiren.nl/blog/paper-benchmarking-parity-games/ for a more detailed description, and a download of the corresponding paper.
The different types of individual retirement accountEd Baxter
An Individual Retirement Account (IRA) is a type of retirement plan that gives individuals tax advantages to make them earn for their retirement plans and savings.
Roth IRA is an tax-advantaged scheme which is basically followed in United States and in India PPF and EPF policy is followed instead of IRA but i think knowledge should not be limited to a particular field or a country.
IntroductionComment by Exploring Series This is listed as a Head.docxvrickens
Introduction Comment by Exploring Series: This is listed as a Heading 2, but it should be Heading 1. Please change this heading to a Heading 1 style.
It is never too early to save for your retirement. For a start, you can estimate the amount that you need to have before you can retire comfortably using financial calculators found on sites such as CNN Money, Kiplinger, Motley Fool, and TIAA-CREF financial services. The good part is, there are many different types of retirement plans that you can participate, individually or with your employers. To help you save for retirement, there are many government-regulated and government-approved retirement accounts that you can contribute a certain amount to annually. Why should you enroll in a retirement plan NOWnow? Did you know that your retirement can last for 30 years or more? A common rule to follow is that a retiree will need up to 80% of his/her annual income today to retire comfortably. Unfortunately, the average benefit amount paid monthly by the Social Security Administration is only $1,177.
Below are many advantages why you should start saving NOWnow:
· Tax on employee and employer contributions is deferred until distributed.
· Investment gains in the plan are not taxed until distributed.
· Retirement assets can be carried from one employer to another.
· Contributions can be made easily through payroll deduction.
· Saver’s Credit is available.
· Flexible plan options are available.
· Better financial security at retirement.
Future Retirement Savings Value - Assuming 6% annual return Comment by Exploring Series: You need to insert a caption for this table and the next table.
Monthly Savings
5 years
15 years
20 years
$50
$3,506
$14,614
$23,218
$200
$14,024
$58,456
$92,870
$500
$35,059
$146,136
$232,176
Source: http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Benefits-of-Saving-Now
A contribution is defined as the amount that an employee and an employer can put into a retirement plan. There are, however, varying limits on how much we (including both employers and employees) can contribute to any of the retirement plan. Each plan has its own rules and criteria, and must specifically state that contributions or benefits cannot exceed certain limits. Employees can participate in contributions via salary reduction. Employers can match employees’ contributions or contribute outright a certain amount into the employees’ retirement account.
Traditional Individual Retirement Arrangements (IRAs) Comment by Exploring Series: Please change all headings formatted with Heading 3 to Heading 2 style.
There are two major kinds of IRAs – traditional and Roth. A traditional IRA is a way to save for retirement that gives you tax advantages. It allows you to make tax-deferred investments to provide financial security when you retire. Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement pla ...
We’re taking all of our essential information on Individual Retirement Accounts (IRAs) and compiling it into a single resource to help you understand IRAs, know if you’re eligible, and determine which IRA is right for you.
http://ekinsurance.com/financial/how-to-maximize-your-social-security-benefits/
You may have a simple question like, “What can I do now to get the biggest Social Security check?” The answer is not much but you do have some possibilities if married.
In this Forbes Bankable webinar, tax attorney and Forbes senior editor Kelly Erb offers the tips and tools that you need to make tax season a lot less painful.
1. Required Minimum Distributions
By Derek Finney
What are they?
If you have a tax-deferred investment account like an IRA, SEP, SIMPLE or even a 401(k), you should be
aware that Required Minimum Distributions (RMD’s) exist. During your working years, you made contributions to
these accounts on a tax-deferred basis. This is key, in that deferred means until later in life, once you attain age 70
½. At this you are required to withdraw this minimum amount from your account each year. Your withdrawals will
then be included in your taxable income, except for any portion that was taxed before, or that can be received tax-
free, such as qualified distributions from designated Roth IRA accounts. The reason you are required to make
withdrawals is the taxes being paid. The U.S. Government has allowed you to keep the investments in your IRA
free of taxes until now. Once you make withdrawals, you are also required to pay taxes at your ordinary rate.
How are they calculated?
To calculate your RMD for any year, you divide the account balance as of the end of the preceding calendar
year by a distribution period from the IRS’ “Uniform Life Table.” A separate table is used only if the sole
beneficiary is the owner’s spouse who is ten or more years younger than the owner. These tables can be found
online on the IRS website (www.irs.gov).
When are they to be taken out?
IRA’s (Traditional, SEP & Simple)
- April 1 of the year following the calendar year in which you reach the age 70½
401(k), Profit-Sharing, 403(b) or another defined contribution plan
- April 1 following the later of the calendar year in which you either:
o reach the age 70½, or
o retire.
Example 1
You are retired and your 70th
birthday was June 30, 2015. You reach age 70½ on December 30, 2015. Thus, you
must take your first RMD (for 2015) by April 1, 2016.
Example 2
You are retired and your 70th
birthday was July 1, 2015. You reach age 70½ on January 1, 2016. Here, you would
not have an RMD for 2015. You must take your first RMD (for 2016) by April 1, 2017.
Which accounts do these rules apply to?
- Traditional IRA
- SEP (Simplified Employee Pension) IRA
- Simple IRA
- 401(k) Plan
- 403(b) Plan
- 457(b) Plan
- Profit-Sharing Plan
- Other defined contribution plans
