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 […]
Rich or Comfortable? What would you have to make to be a one-percenter—that is, to have an income in the upper one percent of the population—in the U.S., Singapore, China, Brazil, England or Australia? The answer, of course, differs in every country. At the bottom of the scale, someone earning $81,000 a year in […]
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 […]
Charitable Contribution Rules: 10 Years in the Making Ten years ago, the Internal Revenue Service proposed regulations that would define how to value (and prove the actual value) of non-cash donations to charity. The regs involved things like artwork, jewelry and other possessions whose value is often in the eye of the beholder. Now, a […]
