A Week in Perspective

Want to let everyone know that with the upcoming holidays and my need to catch up my readiness for this upcoming season, The will be no Week In Perspective on December 26th, or January 2nd.

I also want to let you all know that I have a very special post for you scheduled for January 4th.

Happy birthday to us! – Twenty years ago, five more-or-less young accountants went over the wall of a national CPA firm to start their own firm. They wisely discarded their first working firm name (“Dunderhead CPAs”) and settled on the name “Roth & Company.”

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Tags: alternative minimum tax, Credit history, financial trends, Health Care Reform, Homebuyer, improving your credit, income tax rates, Information, money habits, Opinions, Payroll tax, tax deposits, Tax Preparation, Week in review

Your Pension Plan – Small Changes for 2011

With COLA remaining unchanged again this year, 2011 plan limits have also remained largely unchanged for the third year in a row. Income thresholds have marginally increased over last year.

In 2011, dollar limitations for pension plans and other retirement-related items will either remain unchanged, or the inflation adjustments for 2011 will be small. Check out what to expect in the new year….

  • The contribution limit for employees who participate in section 401(k), 403(b), or 457(b) plans, and the federal government’s Thrift Savings Plan, remains unchanged, at $16,500.
  • The catch-up contribution limit in those plans for those aged 50 and over remains unchanged, at $5,500.
  • The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are active participants in an employer-sponsored retirement plan and have modified adjusted gross incomes (AGI) between $56,000 and $66,000, unchanged from 2010.For married couples filing jointly, in which the spouse who makes the IRA contribution is an active participant in an employer-sponsored retirement plan, the income phase-out range is $90,000 to $110,000, up from $89,000 to $109,000. For an IRA contributor who is not an active participant in an employer-sponsored retirement plan and is married to someone who is an active participant, the deduction is phased out if the couple’s income is between $169,000 and $179,000, up from $167,000 and $177,000.
  • The AGI phase-out range for taxpayers making contributions to a Roth IRA is $169,000 to 179,000 for married couples filing jointly, up from $167,000 to $177,000 in 2010. For singles and heads of household, the income phase-out range is $107,000 to $122,000, up from $105,000 to $120,000. For a married individual filing a separate return who is an active participant in an employer-sponsored retirement plan, the phase-out range remains $0 to $10,000.
  • The AGI limit for the saver’s credit (also known as the retirement savings contributions credit) for low- and moderate-income workers is $56,500 for married couples filing jointly, up from $55,500 in 2010; $42,375 for heads of household, up from $41,625; and $28,250 for married individuals filing separately and for singles, up from $27,750.

Below are details on both the unchanged and adjusted limitations.

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Tags: contribution limit, Cost-of-living index, dollar limitations, income thresholds, inflation adjustments, retirement plan

A Week in Perspective

HERE I GO ONE MORE TIME – This message cannot be repeated often enough

Don’t miss the Articles that TWTP is putting out over at mainstreet.com

How to Save the American Dream

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Tags: Economy of the United States, tax deduction, Tax Information, tax opinions, tax week in review, Taxation in the United States

Who Benefits from Health Care Reform?

There’s plenty of debate about whether the new health care reform bill is good for America. Whatever your views, it looks like the Affordable Care Act – a massive piece of legislation passed by Congress in March – is here to stay.

The majority of Americans without health insurance are the owners or employees of small businesses. For many of these individuals, health insurance has been unaffordable for themselves, their families, and their employees.

But the new legislation is set to change that. It makes it less expensive to purchase insurance – and it provides tax credits for small business owners who do.

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Tags: Affordable Care Act, Health care, Health Care Reform, health insurance coverage, Insurance, new health care, tax credits

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