As we near the end of the year, I thought it would be worth looking ahead to next year’s Social Security wage base. As I’ve noted in the past, FICA-OASDI taxes are calculated as 6.2% of your gross compensation up to the Social Security contribution and benefit base (a.k.a. the […]
Tax Tips & Strategies
None other than Benjamin Franklin once said “Certainty? In this world nothing is certain but death and taxes.”
I’m not sure about you, but I’ve always felt an obligation to pay all that’s legally due but not a penny more.
If you’re looking for tax tips and strategies, then you’re in the right place.
Topics of interest include income tax brackets, tax deductions and credits, sales and use taxes, property taxes, the estate tax, capital gains taxes, tax prep, IRS news and policies, and more. If it’s tax-related, this is where you’ll find it.
In writing about limited-purpose FSAs, I realized that I’ve never documented the annual contribution limits associated with regular (healthcare) flexible spending accounts. So here’s that info, with dependent-care limits included as a bonus. Prior to 2013, there was no federally mandated limit on FSA contributions. Rather, the limits determined by […]
I’m currently going through the open enrollment process at work and wanted to shed some light on a topic that may be confusing to some… As you may or may not be aware, HSAs (i.e., health savings accounts) and FSAs (i.e., flexible spending accounts) are incompatible. More specifically, if you’re […]
Curious as to what next year holds in terms of federal income tax brackets? Well, look no further, because I’ve got the details below. But before I get to the brackets themselves, I wanted to take a moment to remind you exactly how tax brackets work… In our progressive tax […]
As we approach the end of the year, it’s time to start looking ahead. That means it’s time to revisit your retirement plan contributions. According to the IRS, the 2014 contribution limits for 401(k), 403(b), and 457(b) plans will be unchanged in 2014. That means that the stated limit will […]
We recently received our property tax bill, but I’m not paying it. Not until next year, that is. Yes, I’ll have to pay a small penalty for missing the November deadline, but the eventual income tax savings from this delay will be more than enough to cover that loss. Similarly, […]
Uh-oh. While sorting through some old paperwork, I just discovered a copy of an old IRS Form 1120S with a note on it saying that it needed to be mailed. But it wasn’t. Or maybe it was… It’s always possible that I misplaced this one, got another copy from our […]
I recently noted that estimated tax payments for Q3 of 2013 were due on Monday, Sept 16th. I also noted that I was out of the country and unable to make the payments. Not surprisingly, this meant that I wound up paying late. Uh oh. That means penalties, right? Yes, […]