2015 vs Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box.

Size: px
Start display at page:

Download "2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box."

Transcription

1 2015 vs Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box Keir Educational Resources Key Facts

2 Personal Exemption Personal exemption amount per person Phaseout of 2% for every $2,500 ($1,250 MFS) or fraction thereof that AGI exceeds the following amounts Married filing jointly or surviving spouse Head of household 4,000 $258,250 $309,900 $154,950 $284,050 4, , , , ,350 Standard Deductions ,300 6,300 Married filing jointly or surviving spouse 12,600 12,600 6,300 6,300 Head of household 9,250 9,300 Additional standard deduction amount if age 65 or older or blind Married (per person) 1,250 1,250 Unmarried 1,550 1,550 Taxpayer is claimed as a dependent No earned income 1,050 1,050 Earned income (earned income plus amount) Maximum deduction using earned income 6,300 6,300 Phaseout of Itemized Deductions Phaseout of 3% of the amount by which AGI exceeds the threshold: Married filing jointly or surviving spouse Head of household $258,250 $309,900 $154,950 $284,050 $259,400 $311,300 $155,650 $285, Keir Educational Resources Key Facts-2

3 Employment Taxes Social Security tax rate Employer s portion Employee s portion 6.2% 6.2% 6.2% 6.2% Total for self-employed individual 12.4% 12.4% Maximum amount of earnings subject to Social Security taxes $118,500 $118,500 Medicare tax rate Employer s portion 1.45% 1.45% Employee s portion (on all net self-employment income) Total for self-employed individual (on all net selfemployment income) Employee s additional Medicare surtax on earnings above $200,000 ($250,000 MFJ, $125,000 MFS) 1.45% 2.9%.9% 1.45% 2.9%.9% Maximum amount of earnings subject to Medicare taxes Total employment taxes Employer s portion Employee s portion 7.65% 7.65% 7.65% 7.65% Total for self-employed individual 15.3% 15.3% Percentage of self-employed earnings subject to SE taxes 92.35% 92.35% Percentage of SE taxes deducted above-the-line (calculated without 2% payroll tax cut in 2012) 50% 50% Kiddie Tax Amount not subject to tax due to personal exemption 1,050 1,050 Amount taxed at child s rate of 10% 1,050 1,050 Unearned income above these amounts taxed at parents marginal tax rate 2016 Keir Educational Resources Key Facts

4 Child Tax Credit Child tax credit per child 1,000 1,000 Phaseout of $50 for every $1,000 or fraction thereof that AGI exceeds the following amounts (completely phased out if AGI exceeds threshold by $20,000 per child): 75,000 75,000 Married filing jointly or surviving spouse 110, ,000 55,000 55,000 Head of household 75,000 75,000 Child or Dependent Care Credit Maximum amount of qualifying expenses One child or dependent 3,000 3,000 Two or more children or dependents 6,000 6,000 AGI amount when credit reduced to 20% level 43,000 43,000 Maximum credit, assuming taxpayer s AGI at 20% level One child or dependent Two or more children or dependents 1,200 1,200 American Opportunity Tax Credit (formerly called Hope Credit) Credit percentage amounts First $2, % 100% Second $2,000 25% 25% Maximum credit $2,500 $2,500 Phaseout starts at the following AGI amounts: 80,000 80,000 Married filing jointly or surviving spouse 160, , Head of household 80,000 80,000 Credit completely phased out at the following AGI amounts: 90,000 90,000 Married filing jointly or surviving spouse 180, , Head of household 90,000 90, Keir Educational Resources Key Facts-4

5 Lifetime Learning Credit Credit percentage amounts First $10,000 20% 20% Maximum credit $2,000 $2,000 Phaseout starts at the following AGI amounts: 55,000 55,000 Married filing jointly or surviving spouse 110, , Head of household 55,000 55,000 Credit completely phased out at the following AGI amounts: 65,000 65,000 Married filing jointly or surviving spouse 130, , Head of household 65,000 65,000 Education Expenses Above-the-line deduction for educational loan interest payments 2,500 2,500 Phaseout of educational loan interest deduction starts at the following AGI amounts: Married filing jointly or surviving spouse 65, , , ,000 0 Head of household 65,000 65,000 Educational loan interest deduction completely phased out at the following AGI amounts: Married filing jointly or surviving spouse 80, , , ,000 0 Head of household 80,000 80, Keir Educational Resources Key Facts

6 Education Expenses Above-the-line deduction for tuition and related expenses $4,000 $4,000 AGI limitations to claim up to the full $4,000 above-the-line deduction $65,000 $65,000 Married filing jointly or surviving spouse $130,000 $130,000 $0 $0 Head of household $65,000 $65,000 AGI limitation to claim up to $2,000 above-the-line deduction if AGI exceeds the limits above for the $4,000 deduction Married filing jointly or surviving spouse $80,000 $80,000 $160,000 $160,000 $0 $0 Head of household $80,000 $80,000 Tax-free treatment on Series EE bonds Phaseout of tax-free treatment on Series EE bonds starts at the following AGI amounts: 77,200 77,550 Married filing jointly or surviving spouse 115, ,300 77,200 77,550 Head of household 77,200 77,550 Tax-free treatment on Series EE bonds completely phased out at the following AGI amounts: 92,200 92,550 Married filing jointly or surviving spouse 145, ,300 92,200 92,550 Head of household 92,200 92, Keir Educational Resources Key Facts-6

7 Coverdell Education Savings Accounts Coverdell Education Savings Account (ESA) contribution limit 2,000 2,000 Phaseout of ESA contribution starts at the following AGI amounts: 95,000 95,000 Married filing jointly or surviving spouse 190, ,000 95,000 95,000 Head of household 95,000 95,000 ESA contribution completely phased out at the following AGI amounts: 110, ,000 Married filing jointly or surviving spouse 220, ,000 Head of household 110, , , ,000 Section 179 Deduction Section 179 deduction amount 500, ,000 Limit on property placed in service 2,000,000 2,010,000 Health Savings Accounts High deductible health plan minimum deductible amounts 1,300 1,300 Family 2,600 2,600 Maximum out-of-pocket limits Family 6,450 12,900 6,550 13,100 Contribution Maximums 3,350 3,350 Family 6,650 6,750 Catch-up contributions (age 55 or older) 1,000 1, Keir Educational Resources Key Facts

8 Income Tax Rates Marginal tax rate ends at the following income levels: 10% 9,225 9,275 15% 37,450 37,650 25% 90,750 91,150 28% 189, ,150 33% 411, ,350 35% 39.6% 413, ,050 Married filing jointly or surviving spouse 10% 18,450 18,550 15% 74,900 75,300 25% 151, ,900 28% 230, ,450 33% 411, ,350 35% 39.6% 464, ,950 10% 9,225 9,275 15% 37,450 37,650 25% 75,600 75,950 28% 115, ,725 33% 205, ,675 35% 39.6% 232, ,475 Head of household 10% 13,150 13,250 15% 50,200 50,400 25% 129, ,150 28% 209, ,800 33% 411, ,350 35% 39.6% 439, , Keir Educational Resources Key Facts-8

9 Income Tax Rates Trusts 15% 2,500 2,550 25% 5,900 5,950 28% 9,050 9,050 33% 12,300 12,400 35% 39.6% n/a n/a Tax rates for capital gains and dividends Taxpayers in the 39.6% bracket %* %* Taxpayers in the 25%, 28%, 33%, and 35% tax brackets 15%* 15%* Taxpayers in the 10% or 15% tax bracket 0% 0% IRS Section 1250 depreciation recapture 25% 25% Collectibles 28% 28% *For single taxpayers with AGI over $200,000 ($250,000 MFJ; $125,000 MFS) an additional 3.8% Medicare Contribution tax will apply to capital gains to the extent that Net Investment Income exceeds the threshold level. Alternative Minimum Taxes (AMT) AMT exemption amounts 53,600 53,900 Married filing jointly or surviving spouse 83,400 83,800 41,700 41,900 Head of household Estates and trusts 53,600 23,800 53,900 23,900 Phaseout of AMT exemption of 25% of AMTI that exceeds the following amounts: 119, ,700 Married filing jointly or surviving spouse 158, ,700 79,450 79,850 Head of household Estates and trusts 119,200 79, ,700 79, Keir Educational Resources Key Facts

10 Alternative Minimum Taxes (AMT) AMT tax rates, married filing jointly, head of household, and estates and trusts 26% on income up to 28% on income over 26% on income up to 28% on income over 185, ,400 92,700 92, , ,300 93,150 93,150 Maximum tax rate on capital gains and dividends **The maximum tax rates on capital gains and dividends used in computing the regular tax are used in computing the tentative minimum tax as well (15% for most taxpayers, 20% for high-income taxpayers) 20%** 20%** Estate and Gift Taxes Annual gift tax exclusions Gifts to any person Gifts to a U.S. citizen spouse 14,000 14,000 Gifts to a noncitizen spouse 147, ,000 Lifetime gifts Applicable exclusion amount 5,430,000 5,450,000 Applicable credit amount 2,117,800 2,125,800 Bequests at death Applicable exclusion amount 5,430,000 5,450,000 Applicable credit amount 2, 117,800 2,125,800 Top estate tax rate 40% 40% Top gift tax rate 40% 40% Generation-skipping transfer (GST) tax Annual GST exclusion 14,000 14,000 Lifetime GST exemption amount 5,430,000 5,450,000 Flat GST tax rate 40% 40% Special-use valuation limit Section 6166 special 2% interest rate 1,100,000 1,470,000 1,110,000 1,480, Keir Educational Resources Key Facts-10

11 Retirement Plans Taxpayer or employee contribution limits IRA (combined traditional and Roth IRA limit) 5,500 5, (k) plans 18,000 18, (b) plans 18,000 18, plans SIMPLE plans 18,000 12,500 18,000 12,500 Catch-up contribution limits IRA (combined traditional and Roth IRA limit) 1,000 1, (k) plans 6,000 6, (b) plans 6,000 6, plans 6,000 6,000 SIMPLE plans 3,000 3,000 Defined-contribution plan limitations Participating payroll 25% 25% Maximum percentage of employee s compensation 100% 100% Participant s contribution not to exceed 53,000 53,000 Maximum compensation to be considered 265, ,000 Defined-benefit plan limitations Maximum annual benefit 210, ,000 Maximum compensation to be considered 265, ,000 SEP plan limitations Maximum percentage of employee s compensation 25% 25% Participant s contribution not to exceed 53,000 53,000 Minimum compensation needed to participate Maximum compensation to be considered 265, ,000 Qualified plan definitions Highly-compensated employee Any employee who owns 5% or more of the company Any employee among the top 20% highest-paid and paid more than 120, ,000 Key employee Any officer earning Any employee who owns 5% or more of the company Any employee who owns 1% or more of the company and makes 170, , , , Keir Educational Resources Key Facts

12 Retirement Plans Phaseout of IRA deduction starts at the following amounts: 61,000 61,000 Married filing jointly or surviving spouse 98,000 98, Head of household 61,000 61,000 IRA deduction completely phased out at the following amounts: 71,000 71,000 Married filing jointly or surviving spouse 118, ,000 10,000 10,000 Head of household 71,000 71,000 Phaseout of IRA deduction with an active participant spouse AGI limit when phaseout starts 183, ,000 AGI limit when completely phased out 193, ,000 Phaseout of Roth IRA contributions starts at the following amounts: 116, ,000 Married filing jointly or surviving spouse 183, , Head of household 116, ,000 Roth IRA contribution completely phased out at the following amounts: 131, ,000 Married filing jointly or surviving spouse 193, ,000 10,000 10,000 Head of household 131, ,000 Social Security Benefits Limit on earnings before the reduction of benefits of $1 for every $2 earnings above limitation ($1 for every $3 in the year of full retirement age) Under full retirement age 15,720 15,720 Persons reaching full retirement age 41,880 41,880 Over full retirement age n/a n/a Amount needed to earn one Social Security credit 1,220 1, Keir Educational Resources Key Facts-12

13 Medicare Part A deductibles for hospital stays Days 1-60 (total deductible for all 60 days) 1,260 1,288 Days (deductible per day) Days (deductible per day) Part A deductibles for skilled nursing facility Days Days (deductible per day) Part B monthly premium (monthly premiums will be higher if AGI exceeds $85,000 for single taxpayers or $170,000 MFJ taxpayers) Part B annual deductible Keir Educational Resources Key Facts

APPENDIX G: PROVIDED TAX TABLES

APPENDIX G: PROVIDED TAX TABLES APPENDIX G: PROVIDED TAX TABLES The tax tables and limits below are provided to individuals taking the July 2016 CFP Certification Examination. Exam Window Tax Rates, Tables, & Law Tested July 2016 2016

More information

2014 tax planning tables

2014 tax planning tables 2014 tax planning tables 2014 important deadlines Last day to January 15 Pay fourth-quarter 2013 federal individual estimated income tax January 27 Buy in to close a short-against-the-box position (regular-way

More information

2016 Tax Planning & Reference Guide

2016 Tax Planning & Reference Guide 2016 Tax Planning & Reference Guide The 2016 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor

More information

2014 TAX AND FINANCIAL PLANNING TABLES. An overview of important changes, rates, rules and deadlines to assist your 2014 tax planning.

2014 TAX AND FINANCIAL PLANNING TABLES. An overview of important changes, rates, rules and deadlines to assist your 2014 tax planning. 2014 TAX AND FINANCIAL PLANNING TABLES An overview of important changes, rates, rules and deadlines to assist your 2014 tax planning. 2014 2014 TAX TAX AND AND FINANCIAL FINANCIAL PLANNING PLANNING TABLES

More information

Tax Facts Quick Reference 2012

Tax Facts Quick Reference 2012 Wealth Management Services Tax Facts Quick Reference 2012 Income Investment Estate Retirement Social Security FOR USE BY FINANCIAL ADVISORS AND CLIENTS IN CONSULTATION WITH THEIR FINANCIAL ADVISOR FOR

More information

The American Tax Relief Act of 2012 (HR 8, the Act )

The American Tax Relief Act of 2012 (HR 8, the Act ) NATIONAL CAPITAL GIFT PLANNING COUNCIL The Fiscal Cliff, Taxes and Planned Giving: Where Are We Now? Robert E. Madden Susan Leahy BLANK ROME LLP JANUARY 9, 2013 The American Tax Relief Act of 2012 (HR

More information

2011 Tax And Financial Planning Tables

2011 Tax And Financial Planning Tables 2011 Tax and Financial PLanning Tables Investment Planning 2011 Tax And Financial Planning Tables Tax planning is an important component for your overall financial plan. 2011 Tax and Financial PLanning

More information

Highlights of the 2010 Tax Relief Act

Highlights of the 2010 Tax Relief Act On December 7, 200, President Barack Obama signed into law H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 200 (the 200 Tax Relief Act). This massive bill affects

More information

Tax Facts At-A-Glance

Tax Facts At-A-Glance 2016 Tax Facts At-A-Glance Income Taxes 2015 If Taxable Income is: But Not Of the Over Over The Tax is Amount Over Married Filing Jointly: $ 0 $ 18,450 $ 0 + 10% $ 0 18,450 74,900 1,845 + 15% 18,450 74,900

More information

2013 TAX PLANNING TIPS FOR INDIVIDUALS

2013 TAX PLANNING TIPS FOR INDIVIDUALS 2013 TAX PLANNING TIPS FOR INDIVIDUALS The 2012 American Taxpayer Relief Act, which was enacted in early January 2013, was a sweeping tax package that included permanent extension of the Bush-era tax cuts

More information

TAX. Fast. Facts. Special thanks to:

TAX. Fast. Facts. Special thanks to: The online version of Tax will be updated for tax law changes. Check it out at www.calcpa.org/fasttaxfacts. As of Oct. 21, 2015 Welcome to our annual at-a-glance compilation of federal and state tax information.

More information

2015 Savvy Year-End Tax Planning Thoughts & Ideas

2015 Savvy Year-End Tax Planning Thoughts & Ideas 2015 Savvy Year-End Tax Planning Thoughts & Ideas JONATHAN GASSMAN CFP, CPA/PFS November 11, 2015 2015 Tax Rates Ordinary Income Qualified Dividends & Long-Term Capital Gains 10% 15% 25% 28% 2015 Rates

More information

Senate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures

Senate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures Senate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures On December 15, the Senate passed, today by a vote of 81-19, the Tax Relief, Unemployment

More information

Tax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks

Tax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks Tax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks Late on December 9, Senate Majority Leader Harry Reid (D-NV) introduced H.R. 4853, the Tax Relief, Unemployment Insurance

More information

2014/2015 IRA and Tax Planning Reference Guide

2014/2015 IRA and Tax Planning Reference Guide Retirement 2014/2015 IRA and Tax Planning Reference Guide Individual Retirement Accounts (IRAs) Annual Contribution Limits Contributions can be made to both a Traditional and Roth IRA (if eligible) in

More information

SPECIAL REPORT: PROJECTED 2016 INFLATION-ADJUSTED TAX BRACKETS AND OTHER KEY FIGURES

SPECIAL REPORT: PROJECTED 2016 INFLATION-ADJUSTED TAX BRACKETS AND OTHER KEY FIGURES SPECIAL REPORT: PROJECTED 2016 INFLATION-ADJUSTED TAX BRACKETS AND OTHER KEY FIGURES TABLE OF CONTENTS Tax rate schedules 3 Standard deductions 5 Kiddie tax 5 Personal exemption 5 Phase-out of personal

More information

In the Know December 30, 2010

In the Know December 30, 2010 In the Know December 30, 2010 On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 aka the 2010 Tax Relief Act. Below we break

More information

Most of ATRA s provisions benefit individual taxpayers through extensions of lower tax rates, certain deductions 10% 10% 15% 15% 25% 25% 28% 28%

Most of ATRA s provisions benefit individual taxpayers through extensions of lower tax rates, certain deductions 10% 10% 15% 15% 25% 25% 28% 28% TAX ACT OVERVIEW American Taxpayer Relief Act saves taxes for many, boosts them for some On Jan. 1, Congress passed the American Taxpayer Relief Act of 2012 (ATRA) to address the fiscal cliff a combination

More information

Custodial accounts 3. Kiddie tax 4. Estimated tax payments 4. Retirement plans 6. 2015 individual income tax rates 10. Charitable contributions 12

Custodial accounts 3. Kiddie tax 4. Estimated tax payments 4. Retirement plans 6. 2015 individual income tax rates 10. Charitable contributions 12 a b 2015 tax planning guide The confidence to pursue all your life goals begins with a plan. Advice. Beyond investing. Your financial life encompasses much more than the current markets. It includes your

More information

Client Tax Letter. Reducing Uncertainty, Increasing. Complexity. What s Inside. April/May/June 2013

Client Tax Letter. Reducing Uncertainty, Increasing. Complexity. What s Inside. April/May/June 2013 Client Tax Letter Tax Saving and Planning Strategies from your Trusted Business Advisor sm Reducing Uncertainty, Increasing Complexity Each April, most Americans file their income tax returns for the previous

More information

Income, Gift, and Estate Tax Update

Income, Gift, and Estate Tax Update Income, Gift, and Estate Tax Update Individual Income Tax Rates p. 1 Phil Harris Department of Agricultural and Applied Economics University of Wisconsin-Madison Marriage Penalty Relief p. 1 Capital Gains

More information

INDIVIDUAL TAX STRATEGIES

INDIVIDUAL TAX STRATEGIES BY SCOTT HENSLEY SHENSLEY@STANCILCPA.COM DECEMBER 4, 2014 STANCIL & COMPANY CERTIFIED PUBLIC ACCOUNTANTS 4909 WINDY HILL DRIVE RALEIGH, NC 27609 919-872-1260 TOPICS TO BE COVERED TODAY WHAT IS TAX PLANNING

More information

What s New for the 2009 Income Tax Return and the 2010 Tax Year

What s New for the 2009 Income Tax Return and the 2010 Tax Year LAW OFFICES OF BLOOM, BLOOM & ASSOCIATES, P.C. 31275 NORTHWESTERN HIGHWAY SUITE 145 FARMINGTON HILLS, MI 48334-2531 (248) 932-5200 WWW.BLOOMLAWFIRM.COM E-MAIL INFO@BLOOMLAWFIRM.COM KENNETH J. BLOOM*+ FACSIMILE

More information

An Overview of The Tax Relief Act on 2010

An Overview of The Tax Relief Act on 2010 An Overview of The Tax Relief Act on 2010 On December 17, 2010, the President signed a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act

More information

The Tax Relief Act What You Need to Know. Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD

The Tax Relief Act What You Need to Know. Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD The Tax Relief Act What You Need to Know Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD The agenda Individuals Investing Charitable giving Estate planning Businesses

More information

Crunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College

Crunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Pomona College, Office of Trusts & Estates, 550 N. College Ave., Claremont, CA 91711 www.pomona.planyourlegacy.org

More information

Post Election Focus: Stars, Stripes & Taxes

Post Election Focus: Stars, Stripes & Taxes Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December 6, 2012 Click HERE to listen to webinar. Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December

More information

LIFE INSURANCE DIVISION

LIFE INSURANCE DIVISION TAX LAW SUMMARY American Taxpayer Relief Act MKTG-OC-1053A LIFE INSURANCE DIVISION TAX LAW SUMMARY American Taxpayer Relief Act INDIVIDUAL TAX PROVISIONS...3 Individual Tax Rates...3 Marriage Penalty Relief...4

More information

Volunteer Training Tax Basics

Volunteer Training Tax Basics Volunteer Training Tax Basics Presented by John Gleason Tax-Aid.org Covers all US citizens or residents (even undocumented) State tax is similar, generally handled by the computer What s a 1040 Filing

More information

National Capital Gift Planning Council

National Capital Gift Planning Council National Capital Gift Planning Council Nuts and Bolts Session September 16, 2015 Craig Stevens, Aronson LLC www.aronsonllc.com 1 Income Tax and Tax Brackets Calculating Income Tax Gross Income Everything

More information

Of the. Are there any other cities in New York State that impose an income tax?

Of the. Are there any other cities in New York State that impose an income tax? New York Tax Report 2015 Edition New York Personal Income Tax Although managing your portfolio is primarily an investment decision, tax considerations should also be taken into account. Accordingly, Morgan

More information

INDIVIDUALS. Vol. 13, Issue 1 Scribner, Cohen and Company, S.C. CPAs and Advisors American Taxpayer Relief Act

INDIVIDUALS. Vol. 13, Issue 1 Scribner, Cohen and Company, S.C. CPAs and Advisors American Taxpayer Relief Act Vol. 13, Issue 1 Scribner, Cohen and Company, S.C. CPAs and Advisors American Taxpayer Relief Act By: Dawn Wittak, CPA, MST, Tammy Wishowski, CPA, and Jessica Gatzke, CPA, MST After months of proposals

More information

Tax Planning Circa 2011. The Rules We Live By

Tax Planning Circa 2011. The Rules We Live By Tax Planning Circa 2011 FPA Houston December 6, 2011 The Rules We Live By 2010 Tax Relief Act (December 17, 2010) Patient Protection and Affordable Care Act (PPACA) Hiring Incentives to Restore Employment

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2012

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2012 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2012 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION February 24, 2012 JCX-18-12 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION January 8, 2013 JCX-2-13 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

More information

Table of contents. 2 Federal income tax rates. 12 Required minimum distributions. 4 Child credits. 13 Roths. 5 Taxes: estates, gifts, Social Security

Table of contents. 2 Federal income tax rates. 12 Required minimum distributions. 4 Child credits. 13 Roths. 5 Taxes: estates, gifts, Social Security 2015 Tax Guide Table of contents 2 Federal income tax rates 4 Child credits 5 Taxes: estates, gifts, Social Security 6 Rules on retirement plans 8 Saver s credit 12 Required minimum distributions 13 Roths

More information

Tax Alert 2014 Tax Planning Guidelines for Individuals & Businesses

Tax Alert 2014 Tax Planning Guidelines for Individuals & Businesses Tax Alert 2014 Tax Planning Guidelines for Individuals & Businesses 2013 TAX PRACTICE BOARD Stephen Brecher 646.225.5921 Stephen.Brecher@WeiserMazars.com Avoid Fiscal Cliff Timothy Burley 212.375.6508

More information

American Taxpayer Relief Act of 2012- UPDATED

American Taxpayer Relief Act of 2012- UPDATED American Taxpayer Relief Act of 2012- UPDATED On January 2, 2013, the President signed the American Taxpayer Relief Act, thus ending the nation s brief stint over the fiscal cliff a confluence of expiring

More information

YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS

YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2014 This memo provides information that is useful in the annual preparation of employment related forms

More information

News Release Date: 1/8/13

News Release Date: 1/8/13 News Release Date: 1/8/13 American Taxpayer Relief Act of 2012 Cross References H.R. 8, the American Taxpayer Relief Act of 2012 TheTaxBook, 2012 Tax Year, 1040 Edition/Deluxe Edition, pages 1-6 and 1-7.

More information

Client Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012

Client Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012 Client Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012 Dear Client, On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the Act) into law.

More information

Judy Shonborn, CPA, CFP

Judy Shonborn, CPA, CFP Judy Shonborn, CPA, CFP (414) 688-5199 www.shonborncpa.com (414) 529-2443 (home & fax) 10232 W. Spring Green Road email: judy@shonborncpa.com Greenfield, WI 53228-3238 December 11, 2014 2014 was a quiet

More information

EXECUTIVE SUMMARY American Taxpayer Relief Act of 2012

EXECUTIVE SUMMARY American Taxpayer Relief Act of 2012 TAX LEGISLATION January 2013 EXECUTIVE SUMMARY American Taxpayer Relief Act of 2012 Late in the night, on January 1, 2013, Congress completed work on the tax piece of the so-called fiscal cliff negotiations.

More information

MAXIMUM DOLLAR CONTRIBUTION LIMITS AND ELIGIBILITY THRESHOLDS

MAXIMUM DOLLAR CONTRIBUTION LIMITS AND ELIGIBILITY THRESHOLDS MAXIMUM DOLLAR CONTRIBUTION LIMITS AND ELIGIBILITY THRESHOLDS The following charts provide information on the maximum annual dollar contribution limits; the phase-out limits for Traditional IRA contribution

More information

On behalf of our team at GJC, Happy Holidays and Cheers to a New Start in the New Year! Dear Clients and Friends,

On behalf of our team at GJC, Happy Holidays and Cheers to a New Start in the New Year! Dear Clients and Friends, Return to GJC Homepage Dear Clients and Friends, Perhaps the one issue on which there is agreement in Washington is the need for comprehensive tax reform. However, getting started on this task is put off

More information

Congress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences

Congress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences We will continue to expand on the provisions of the taxpayer relief act as more information becomes available. If you have any questions please feel free to contact us. Congress passes 2012 Taxpayer Relief

More information

UPDATED January 3, 2013

UPDATED January 3, 2013 2012 AMERICAN TAXPAYER RELIEF ACT OF 2012 UPDATED January 3, 2013 TABLE OF CONTENTS Introduction...1 Individual Income Tax Rates...2 Capital Gains/ Dividends Sunsets...4 Permanent AMT Relief...5 Itemized

More information

TAX PLANNING GUIDE. Life Insurance Sales Material

TAX PLANNING GUIDE. Life Insurance Sales Material 2014 TAX PLANNING GUIDE MKTG-OC-1054C Life Insurance Sales Material 2014 TAX PLANNING GUIDE INDIVIDUAL Income Taxes 3 Assessing Your Tax Picture...3 Benefiting from Tax Deferral...8 Finding Tax Savings

More information

Client Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Client Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Source: Tax Legislation > 111th Congress (2009-2010) > Enacted > Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) > Practice Tools > Client Letter: Individual

More information

Basics In Tax Preparation 101. Presented by Savant Capital Management, Inc. Tawn M. Jacobs MST, CPA, CFP Scott K. Laue JD, CRPS SM

Basics In Tax Preparation 101. Presented by Savant Capital Management, Inc. Tawn M. Jacobs MST, CPA, CFP Scott K. Laue JD, CRPS SM Basics In Tax Preparation 101 Presented by Savant Capital Management, Inc. Tawn M. Jacobs MST, CPA, CFP Scott K. Laue JD, CRPS SM Tawn M. Jacobs MST, CPA, CFP Senior Financial Planner/ Director of Financial

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION March 30, 2015 JCX-70-15 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

More information

PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS

PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS American Taxpayer Relief Act January 1, 2013 Here are the act s main tax features: Individual tax rates All the individual marginal tax rates

More information

Wealth Management Systems Inc. 2015 Tax Guide. What You Need to Know About the New Rules

Wealth Management Systems Inc. 2015 Tax Guide. What You Need to Know About the New Rules Wealth Management Systems Inc. 2015 Tax Guide What You Need to Know About the New Rules Tax Guide 2015 This guide is not intended to be tax advice and should not be treated as such. Each individual s tax

More information

ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY)

ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY) ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY) AMERICAN TAXPAYER RELIEF ACT OF 2012 In the wee hours of New Year s morning, the Senate passed the American Taxpayer Relief

More information

tax planning strategies

tax planning strategies tax planning strategies In addition to saving income taxes for the current and future years, effective tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available

More information

TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University. 2015 - Tax Planning

TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University. 2015 - Tax Planning TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University 2015 - Tax Planning 1. The basic management guideline is to avoid wide fluctuations in taxable income because a relatively uniform

More information

Tax Alpha. Robert S. Keebler, CPA, M.S.T., AEP. Keebler & Associates, LLP 420 South Washington Street Green Bay, WI 54301.

Tax Alpha. Robert S. Keebler, CPA, M.S.T., AEP. Keebler & Associates, LLP 420 South Washington Street Green Bay, WI 54301. Tax Alpha Presented by Robert S. Keebler, CPA, M.S.T., AEP Keebler & Associates, LLP 420 South Washington Street Green Bay, WI 54301 Agenda 1. Five Dimensional Tax System Ordinary Income Rates Capital

More information

tax planning strategies

tax planning strategies tax planning strategies In addition to saving income taxes for the current and future years, tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available for retirement,

More information

YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2015

YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2015 YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2015 This memo provides information that is useful in the annual preparation of employment related forms

More information

The New Tax Relief Act: How Will You Be Impacted?

The New Tax Relief Act: How Will You Be Impacted? STRATEGIC THINKING The New Tax Relief Act: How Will You Be Impacted? The President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ( the Act ) on December 17th,

More information

TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013

TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013 TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013 ABSTRACT The fiscal cliff debate culminated in the passage

More information

Tax-Savvy Planning for College Expenses

Tax-Savvy Planning for College Expenses 3/31/14 Tax-Savvy Planning for College Expenses The American Opportunity Tax Credit Remains Available through 2017 If you are a parent with hopes of future college diplomas for your children, you are likely

More information

PERSONAL TAX PLANNING

PERSONAL TAX PLANNING PERSONAL TAX PLANNING after the new tax law American Taxpayer Relief Act 2606 116 th Avenue N.E., Suite 200 Bellevue, Washington 98004 Tel 425-629-1990, Fax 425-629-1999 www.sweeneyconrad.com PERSONAL

More information

How do the 2016 Presidential Tax Plans Compare So Far?

How do the 2016 Presidential Tax Plans Compare So Far? How do the 2016 Presidential Tax Plans Compare So Far? 10-Year GDP Growth 10.0% 16.0% -1.0% 13.9% 15.0% -9.5% 11.5% 10-Year Capital Investment Growth 28.8% 46.6% -2.8% 43.9% 48.9% -18.6% 29% 10-Year Wage

More information

Gleim CPA Review Updates to Regulation 2013 Edition, 1st Printing September 2013

Gleim CPA Review Updates to Regulation 2013 Edition, 1st Printing September 2013 Page 1 of 11 Gleim CPA Review Updates to Regulation 2013 Edition, 1st Printing September 2013 NOTE: Text that should be deleted is displayed with a line through the text. New text is shown with a blue

More information

Staying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff. Heather Kovalsky, CPA

Staying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff. Heather Kovalsky, CPA Staying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff Heather Kovalsky, CPA 2013 Tax Changes The Patient Protection and Affordable Care Act American Tax Relief Act of 2012 The Patient Protection

More information

H.R. 1836: THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 ( ACT )

H.R. 1836: THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 ( ACT ) STEVEN L. CANTOR HAL J. WEBB STEVEN L. CANTOR, P.A. BRICKELL BAY OFFICE TOWER SUITE 2908 1001 BRICKELL BAY DRIVE MIAMI, FLORIDA 33131 TELEPHONE(305)374-3886 FACSMILE(305)371-4564 NAPLES OFFICE SUITE 200

More information

2014 YEAR-END TAX PLANNING LETTER. Tax Strategies for Individuals

2014 YEAR-END TAX PLANNING LETTER. Tax Strategies for Individuals Dear Clients and Friends, The country s taxpayers are facing more uncertainty than usual as they approach the 2014 tax season. They may feel trapped in limbo while Congress is preoccupied with the November

More information

Cutting Edge Tax Planning Developments & Opportunities

Cutting Edge Tax Planning Developments & Opportunities Cutting Edge Tax Planning Developments & Opportunities 03.13.2015 Investment Centers of America Michael E. Kitces MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL Partner. Director of Research, Pinnacle Advisory

More information

Creating Tax Alpha B & F Financial Analytics, Inc.

Creating Tax Alpha B & F Financial Analytics, Inc. This presentation is not intended to provide legal or tax advice. Consult with your legal and tax professional To determine how the concepts presented apply in your Situation. Creating Tax Alpha B & F

More information

2013 Year End Tax Planning Seminar

2013 Year End Tax Planning Seminar 2013 Year End Tax Planning Seminar Walter H. Deyhle, CPA, CFP December 4, 2013 GRF s Tax Team 2 Disclosure This presentation and these materials are designed to provide accurate and authoritative information

More information

Cutting Edge Tax Planning Developments & Opportunities

Cutting Edge Tax Planning Developments & Opportunities Cutting Edge Tax Planning Developments & Opportunities 08.03.2015 United Capital Webinar Michael E. Kitces MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL Partner. Director of Research, Pinnacle Advisory Group

More information

chart retirement plans 8 Retirement plans available to self-employed individuals include:

chart retirement plans 8 Retirement plans available to self-employed individuals include: retirement plans Contributing to retirement plans can provide you with financial security as well as reducing and/or deferring your taxes. However, there are complex rules that govern the type of plans

More information

29. Retirement Planning 4: Individual and Small-Business Plans

29. Retirement Planning 4: Individual and Small-Business Plans 29. Retirement Planning 4: Individual and Small-Business Plans Introduction Whether you work for a large or a small company or are self-employed, you need to plan for retirement. This chapter will discuss

More information

2010 Tax Relief Act extends Bush-era tax cuts & other tax breaks, includes stimulus measures

2010 Tax Relief Act extends Bush-era tax cuts & other tax breaks, includes stimulus measures 2010 Tax Relief Act extends Bush-era tax cuts & other tax breaks, includes stimulus measures By a vote of 277-148, the House of Representatives late December 16 passed the Senateapproved Tax Relief, Unemployment

More information

2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012

2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012 THE UNIVERSITY OF TENNESSEE 2013 SINGLETON B. WOLFE MEMORIAL TAX CONFERENCE OCTOBER 31, 2013 2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012 JOHN D. HOUSTON, CPA Certified

More information

Address their credit and banking need with sophisticated and customized solutions

Address their credit and banking need with sophisticated and customized solutions 2014 Tax Rate Guide Collaborating with U.S. Trust to serve your clients One way to increase the scope of your practice and deepen the value of your client relationships is to engage a strategic partner

More information

The Roth IRA. An IRA with a difference. Is it right for you?

The Roth IRA. An IRA with a difference. Is it right for you? The Roth IRA An IRA with a difference Is it right for you? The Roth IRA An IRA with a difference The original IRA was designed to help individuals plan for their retirement by enabling them to make tax-deductible

More information

Life Insurance Sales Material

Life Insurance Sales Material MKTG-OC-1054D Life Insurance Sales Material FOR INDIVIDUALS 3 Thinking Ahead...3 Taxes and Your Investments...7 Strategies for Homeowners...13 Education Tax Incentives...15 Making the Most of Deductions...18

More information

2015 Individual Tax Planning Letter

2015 Individual Tax Planning Letter 2015 Individual Tax Planning Letter Just as the daylight hours are getting shorter, so is the time for fine tuning any last-minute strategies to lower your 2015 tax bill. While year-end legislation extending

More information

2015 Year-End Planning: A Guide for Investors.

2015 Year-End Planning: A Guide for Investors. 2015 Year-End Planning: A Guide for Investors. This planning guide contains wealth management and tax planning considerations to evaluate between now and the end of the year. We encourage you to meet with

More information

Summary of Federal Income Tax Changes 2013. Laws Affected Personal Income Tax Law Corporation Tax Law Administration of Franchise and Income Tax Law

Summary of Federal Income Tax Changes 2013. Laws Affected Personal Income Tax Law Corporation Tax Law Administration of Franchise and Income Tax Law chair John Chiang member Jerome E. Horton member Michael Cohen Summary of Federal Income Tax Changes 2013 Laws Affected Personal Income Tax Law Corporation Tax Law Administration of Franchise and Income

More information

2013 YEAR-END INDIVIDUAL TAX PLANNING LETTER

2013 YEAR-END INDIVIDUAL TAX PLANNING LETTER Bollenback & Forret, P.A. Michael D. Bollenback, CPA Richard G. Buschart, CPA, ABV, CVA Suzanne E. Patrick, CPA Janet K. Rosenquist, CPA Roderick B. Stuart, CPA J. Patrick Callan, CPA Peter B. Forret,

More information

Can Deduction Be Taken Prior to Investing the Funds?

Can Deduction Be Taken Prior to Investing the Funds? Deadline to Establish and Fund an IRA An IRA can be established and funded at any time from January of the current year and up to and including the date an individual s income tax return is due (generally,

More information

Address their credit and banking need with sophisticated and customized solutions

Address their credit and banking need with sophisticated and customized solutions 2015 Tax Rate Guide Collaborating with U.S. Trust to serve your clients One way to increase the scope of your practice and deepen the value of your client relationships is to engage a strategic partner

More information

TAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT

TAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT DECEMBER 2010 WWW.BDO.COM SUBJECT TAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT SUMMARY CONTACT: KEVIN ANDERSON National Tax Services,

More information

Federal Tax and Capital Gains: Rates Over Time

Federal Tax and Capital Gains: Rates Over Time Preparing for a World of Higher Taxes Are You Ready? Presented by: Matt Sommer, CFP, CPWA, AIF Director and Senior Retirement Specialist, Retirement Strategy Group C-0610-114 4-30-11 Federal Tax and Capital

More information

The 2010 Tax Relief Act What you need to know

The 2010 Tax Relief Act What you need to know The 2010 Tax Relief Act What you need to know The extension of the lower income and capital gains tax rates set to expire Dec. 31, along with significant reductions to the estate tax, has probably received

More information

! There are currently two types of IRAs.

! There are currently two types of IRAs. An IRA can be established and funded at any time from January 1 of the current year and up to and including the date an individual s income tax return is due (generally, April 1 of the following year),

More information

Q & A s about IRAs. Your promotional imprint here and/or back cover.

Q & A s about IRAs. Your promotional imprint here and/or back cover. P l a n n i n g Y o u r R e t i r e m e n t Q & A s about IRAs Your promotional imprint here and/or back cover. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 1-800-123-4567 The

More information

Overview of the tax provisions in the 2012 American Taxpayer Relief Act

Overview of the tax provisions in the 2012 American Taxpayer Relief Act Overview of the tax provisions in the 2012 American Taxpayer Relief Act Dear Client, The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items,

More information

Understanding Individual Retirement Accounts

Understanding Individual Retirement Accounts Understanding Individual Retirement Accounts What is an IRA? Established by the Federal Government, an IRA is an Individual Retirement Account. It is a method to encourage retirement savings. Timeline

More information

President Obama's 2016 Federal Budget Proposal

President Obama's 2016 Federal Budget Proposal President Obama's 2016 Federal Budget Proposal March 10, 2015 by Tim Steffen On the heels of his first State of the Union address to the nation after the mid-term elections, President Obama released his

More information

YEAR-END YEAR-ROUND TAX PLANNING GUIDE

YEAR-END YEAR-ROUND TAX PLANNING GUIDE 2013 YEAR-END YEAR-ROUND TAX PLANNING GUIDE WICHITA, KANSAS 316 264-2335 TUCSON, ARIZONA 520 624-8229 TULSA, OKLAHOMA 918 494-8700 McALESTER, OKLAHOMA 918 426-1234 2 On the Personal Side 9 When It Comes

More information

NORTHEAST INVESTORS TRUST. 125 High Street Boston, MA 02110 Telephone: 800-225-6704

NORTHEAST INVESTORS TRUST. 125 High Street Boston, MA 02110 Telephone: 800-225-6704 NORTHEAST INVESTORS TRUST traditional IRA INVESTOR S KIT 125 High Street Boston, MA 02110 Telephone: 800-225-6704 Table of Contents NORTHEAST INVESTORS TRUST TRADITIONAL IRA DISCLOSURE STATEMENT...1 INTRODUCTION...1

More information

Deferral Limits for Plans 401(k) $17,000 $17,500 SIMPLE $11,500 $11,500 403(b) $17,000 $17,500 457 $17,000 $17,500

Deferral Limits for Plans 401(k) $17,000 $17,500 SIMPLE $11,500 $11,500 403(b) $17,000 $17,500 457 $17,000 $17,500 Kathleen E. Sweeney, CPA PO Box 1259, 44 Plymouth Street PO Box 1187 Center Harbor, NH 03226 N. Conway, NH 03860 Phone: (603) 253-4011 603-356-7036 Fax: (603) 253-4051 603-733-5250 E-Mail: ksweeney@metrocast.net

More information

BMO Funds State Street Bank and Trust Company Universal Individual Retirement Account Disclosure Statement. Part One: Description of Traditional IRAs

BMO Funds State Street Bank and Trust Company Universal Individual Retirement Account Disclosure Statement. Part One: Description of Traditional IRAs BMO Funds State Street Bank and Trust Company Universal Individual Retirement Account Disclosure Statement Part One: Description of Traditional IRAs Part One of the Disclosure Statement describes the rules

More information

Here is a quick summary of most-important tax changes starting with those that affect individuals. Payroll Tax Holiday Is Dead (So Far)

Here is a quick summary of most-important tax changes starting with those that affect individuals. Payroll Tax Holiday Is Dead (So Far) Dear Clients: The American Taxpayer Relief Act of 2012 (better known as the fiscal cliff legislation) became law on 1/2/13. Due to the expiration of the so-called payroll tax holiday, all workers will

More information

2010 Update for The Case Approach to Financial Planning: Writing a Financial Plan

2010 Update for The Case Approach to Financial Planning: Writing a Financial Plan 2010 Update for The Case Approach to Financial Planning: Writing a Financial Plan The 2010 update includes a 2009 and 2010 version of the Financial Facilitator spreadsheet, a few errata, some 2009 and

More information

Year-end Year-Round Tax Planning Guide

Year-end Year-Round Tax Planning Guide Year-end Year-Round Tax Planning Guide 2014 Individual Taxes What you need to know 2 2014 Business Taxes Another set of considerations 12 Are you confident you are doing everything you can to minimize

More information