Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans stay at $18,000 Contributions to defined contribution plans stay at $53,000 Contributions to…
Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act),…
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 taxliability — you just must act by December 31:1. Pay your 2015 property tax bill before the end of the year.2. Make…
After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). You also could be required to take RMDs if you…
Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in 2015). But even with the rising exemptions, annual exclusion…