Chances are that you know that the Social Security trust fund is due to run out of money or “deplete its reserves” by the year 2035. Fixing social security depends on some forecasts, including economic growth, number of workers who remain in the workforce and the number who retire. The clear point is that Congress […]
Sometimes the popularity of a particular investment is driven by unexpected forces. One example, is the so-called SALT (state and local tax) limitation that was imposed in the recent tax legislation, which basically says that you can only deduct $10,000 on your federal tax return for state taxes, including state income and local property […]
Tax Opportunities Before Year-End Every year, U.S. taxpayers face a number of year-end deadlines which, if ignored, can be costly and even punitive. In the latter category, consider people over age 70 1/2 who forget to take the full required minimum distribution from their IRA or 401(k). If they get the calculation wrong, or […]
Withholding Tempest in a Teapot Chances are, you’ve read an article recently telling you to be careful about the withholding in your paycheck, to make sure your employer (assuming you have one) is taking out enough money so that you won’t have a big tax obligation come April. This is the result of a big […]
No End Run By now, you probably know all about the so-called SALT (state and local tax) deduction limitations imposed by the Tax Cuts and Jobs Act. If your property, local and state taxes exceed $10,000 (couples) or $5,000 (singles), well, too bad. That’s all you can deduct on your federal tax returns. Some of […]
States vs. SALT Each year, thousands of professionals use their creativity and ingenuity to try to figure out the best ways to lower your federal taxes. You know you’re living in interesting times when state lawmakers join that crowd. The reason they’re working so hard is something popularly known as the SALT provisions of the […]
