When Congress unexpectedly eliminated two Social Security claiming strategies as part of the Bipartisan Budget Act of 2015, retirement planning got a little more complicated. For those who expected to use those strategies to boost their retirement income, here are a few answers that could help determine how the new rules might affect them. What’s…
Every year the College Board releases its annual Trends in College Pricing report that highlights current college costs and trends. While costs can vary significantly depending on the region and college, the College Board publishes average cost figures, which are based on its survey of nearly 4,000 colleges across the country. Following are cost highlights…
IRA contribution limits The maximum amount you can contribute to a traditional IRA or Roth IRA in 2016 is $5,500 (or 100% of your earned income, if less), unchanged from 2015. The maximum catch-up contribution for those age 50 or older remains at $1,000. (You can contribute to both a traditional and Roth IRA in…
Financial projections are a crucial aspect of the core small business plan, especially for newer companies. By considering factors like production costs, market prices, and demand for your services, you can achieve a clear understanding of your financial situation and discover your full profit potential. Benefits of Financial Projections Perceive an unbiased view of your…
If you converted a traditional IRA to a Roth IRA in 2014 and your Roth IRA has sustained losses, you may want to consider whether it makes sense to undo (recharacterize) your conversion. You have until October 15, 2015, to undo your 2014 conversion. (If you’ve already filed your federal income tax return for 2014,…