IBM recently announced plans to reduce the frequency of matching employee 401(k) contributions to only once a year. This will take place on December 31st of each year. While IBM is only the first company to announce the change, they did employ as much as 105,000 US workers as of 2007 (disclosed during a U.S. Congressional testimony). We expect IBM’s announcement to be the start of a trend in the employee benefits space. Will this impact your 401(K) plan in the future? Read More.
The window is quickly closing for investors to sell their long-term capital gains and pay no tax in 2012. While this specific tax break applies to investors that are currently in the 10% tax bracket, many mid to high-income earning families can benefit too. Find out how. Read More.
The drama continues on Capitol Hill as lawmakers are at a stalemate on whether or not to move forward with the expiring Bush-era tax cuts. It may come down to the wire, but many small businesses can’t wait that long. It’s best for small businesses to plan for what we know is going to happen or is scheduled to in 2013. Read More.
According to a recent study conducted by the Employee Benefits Research institution, 60% of respondents age 55 or more had less than $100,000 in retirement savings and 40% had less than $25,000. Of course, this is concerning to us considering the rising cost of medical and living expenses. However, those in their 50s can still plan for retirement. Read More.
As we approach the final month of the year, we need to look ahead to our 2013 budget. Your tax refund for the 2012 tax year should be heading your way about 7 to 10 days after you e-file your tax return, if you’re eligible. How exactly do you plan on spending your tax refund? Read More.
Home buying has begun to increase again as prices have stabilized in many parts of the country. The latest new residential construction report for October 2012 indicated a 3.6% increase year over year, which is the highest in almost four years. This data suggests that more mortgage applications have and will be filed in the coming months. Applicants need to understand the various options to lock-in a mortgage rate. This also applies to those planning on refinancing. Read More.
Many investors are now on the fence as to what to do with their unrealized capital gains. On one hand, investors are attracted by the chance to only pay 15% on long-term capital gains as opposed to 20% or 23.8% in 2013. On the other hand, investors that sell now will still have to pay a tax instead of deferring it to later years, unless of course they’re in the 15% tax bracket or lower. What should you do? Read More.
Now even the IRS is lobbying for Congress to reach a decision regarding the expiring Bush-era tax cuts as well as the alternative minimum tax (AMT) patch. The IRS concerns stem from the fact that their tax processing systems are based on current tax legislation and the expectation the AMT will be patched, which could change drastically on January 1, 2013. How will you be impacted? Read More.
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