Today we will address some retirement plan dollar limits for 2016. The IRS has announced the 2016 cost of living adjustments for retirement plans. All of the following are unchanged for 2016 since the increase in the cost-of-living index didn't meet the statutory thresholds that trigger their adjustment. The limitation on the annual benefit under a defined benefit plan remained unchanged at $210,000. The limit on the annual additions to a participant's defined contribution a

Today we will discuss the Social Security wage base for 2016. The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2016 will remain at $118,500, unchanged from 2015. The Social Security Act provides for an automatic increase in Social Security and Supplemental Security Income (SSI) benefits if there is an increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). As determined by th

If you are one of the 13 million taxpayers who asked for more time to file your federal individual tax return and still haven’t filed, your extra time is about to expire. October 15th is the last day to file for most people who requested an automatic six-month extension. If you have not yet filed, here are some things that you should know: If you owe taxes, file on time to avoid a late filing penalty. If you owe and can’t pay all of your taxes, pay as much as you can to reduc