Marriage – tax advantage? Maybe yes, maybe no.
Marriage can have a tax-rate advantage, but it depends on the incomes. Did you know you can actually save tax money if one spouse is making a lot less than the other? It’s true. The tax bill of the high-income earner can almost (if not totally) be cancelled out. Continue reading
2013 contribution limits increased for some of the more popular retirement vehicles. IRS-2012-77, October 18, 2012:
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s “Thrift Savings Plan” increased $500.00.
- The catch-up contribution for age 50+ employees and who participate in 401(k), 403(b), most 457 plans and the federal government’s “Thrift Savings Plan” remains unchanged at $5,500.00. Continue reading