Tax and retirement notice

[Bandito440]

I’ve got a couple of financial items to pass along here.

First, the tax-deferred retirement account limit has increased to $18,500 for 2018. Make adjustments to your 401(k), 403(b), TSP, etc. as needed. Catch-up and IRA contributions remain the same.

For anyone who itemizes their taxes, be aware that employee expenses and tax preparation fees are no longer deductible after January 1. If you make regular purchases of items that you use at work and deduct, you might consider making as many of them as you can in the next week. Also, you should consider prepaying for your tax preparation fees before January 1, as they won’t be deductible next year. I just paid for TurboTax.

I’m going to ask the mods to lock this thread to avoid the name-calling from the last income tax discussion.

Happy Holidays BITOG

 

[skyactiv]

Lock the thread, why?

Thank god Washington simplified the federal income tax code.

 

[BobFout]

Originally Posted By: skyactiv
Lock the thread, why?

Thank god Washington simplified the federal income tax code.


Simple would be a flat tax.

 

[cjcride]

Thanks Bandito, I wish you could give us up here Canadian Tax Tips.
Some timely info there.

 

[Sierra048]

I would be interested to know what affect this new system will have on BITOG members. Please don't make it political. Merely, will you benefit, or not benefit, and why.

I'll be glad to start. It appears from everything I've read so far, my wife and I might save between $500 - $600 a year over what we pay now. We are both retired on fixed incomes. Sadly, it won't be additional money in our pockets for long as the increase in our health insurance premiums for this coming year will absorb that gain by a factor of three.

 

[Bandito440]

Originally Posted By: skyactiv
Lock the thread, why?

Originally Posted By: Bandito440
...to avoid the name-calling from the last income tax discussion.