Traditional Savings Plans

Individual Retirement Account (IRA) Traditional tax deductible IRA contribution for 2016 is $5,500, and $6,500 for taxpayers 50 years or older. Contribution for a taxpayer married to one who is covered by a retirement plan at work, is phased out between Adjusted Gross Income (AGI) of $184,000 and $194,000. Roth IRA Contribution Non ­tax deductible […]

Penalties Are Rising on Late Tax Payments

 Estimated Taxes In most cases, you must pay estimated taxes for any year if both of the following apply. a)  You expect to owe at least $1,000 in tax for the tax year, after subtracting your withholding and refundable credits.  b)  You expect your withholding and refundable credits to be less than the smaller of:  […]