Retirement

Updated amounts for retirement for 2017

Here are the 2017 allowable amounts for some popular retirement savings accounts: Employer Plan Deferral Limits (401ks, 403(b) and most government plans): No change. $18,000 and a $6,000 catch-up for those 50 and older. IRAs (both Traditional and Roth):  $5,500 with a $1,000 catch-up.   This has been the same for 5 years. Allowable contributions […]

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Year-End Tax Tips

Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]

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Planning to work after you start receiving Social Security?

You are able to work after starting to receive social security benefits. However, if you have not reached the full retirement age when you start receiving social security, there is a limit on the amount you can earn without affecting your social security benefits.   If you are under full retirement age for the entire year, […]

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City tax considerations!

Starting in 2016 the tax code regarding cities had quite an overhaul.   City taxes can be challenging!  Did you know that Ohio is one of few states where cities impose an income tax?   Well, it’s true. RITA (Regional Income Tax Agency) and CCA (Central Collection Agency) are two organizations that handle the city tax filings […]

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Free money with Employer Pension Plans

There are a lot of good reasons to participate in an Employer Sponsored Pension Plan! Examples include: 401K, SIMPLEs and 403Bs. Many times your employer will make a matching contribution of up to a certain percent that you have contributed.  That’s like getting a raise!!!! The typical match is your employer putting in 3% if […]

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Social Security Wage Base & Earnings Limits

WAGE BASE: same in 2016 as in 2015 The maximum wage an employee will pay social security on for 2016 is $118,500.  The rate is 6.2% on up to that amount. There is no limit on the amount of wages for the 1.45% of Medicare tax withheld. If you end up paying on more that […]

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Have an extra $100,000? Giving from IRAs

In a giving sort of mood?  Have an IRA account that’s just sitting around collecting dust?    Don’t wanna cash it out and pay tax on the distribution just to turn around and give it to charity at the lesser, “after-tax” amount?   At least 70 1/2 years of age? Well great news!!!!   Section 112 of the […]

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December 2015 Newsletter

Happy Holidays!!!! From all the festive folks at Billings & Company, CPAs to all of our fun-loving and fabulous friends, we would like to wish you the happiest of holidays!!!! Happy holidays……happy holidays………may the tax breaks be bringing happy holidays to you……. Here are some last minute tax tips that you still have time to take advantage […]

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Tax Extenders ….a car to match your outfits!

So Congress still hasn’t approved the normal group of tax extenders….items they end up approving every year…at the end of the year… and making retroactive to the beginning of the year.  Reason for this?  They like to tack on extra stuff to get them passed with the package of extenders…..  eye roll.  Also, when they show […]

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IRAs/Pension- Get that money!

Did you turn age 70 ½ during 2015?  If so, HAPPY HALF BIRTHDAY!!!!!   You don’t look a day older in our opinion.   But along with being wiser (and probably better looking and more relaxed) comes yet another responsibility. For IRAs, by April 15th of the year following the year you turned 70 ½, you MUST […]

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