Tax Tip Tuesday: Social Security Wage Base for 2018
Update: the Social Security Administration announced a correction to this amount. It is now $128,400. Today we will discuss the Social Security wage base for 2018. The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2018 will increase to $128,700, up from $127,200 in 2017. The Social Security Act provides for an automatic increase in Social Security and Supplemental Security Income (SSI) benefits if there is an
Tax Tip Tuesday: Retirement Plan Dollar Limits for 2018
The IRS has announced the 2018 cost of living adjustments for retirement plans. The limitation on the annual benefit under a defined benefit plan increases from $215,000 for 2017 to $220,000 for 2018. The limit on the annual additions to a participant's defined contribution account increases from $54,000 for 2017 to $55,000 for 2018. The maximum amount of annual compensation that can be taken into account for various qualified plan purposes increases from $270,000 for 2017 to
Tax Tip Tuesday: Important Upcoming Due Dates
This week we have a couple of quick due date reminders: October 16, 2017 is the final due date for individuals to file their individual income tax return if they have an automatic six-month extension for 2016 returns. They also need to pay any tax, interest and penalties due. October 16th is also the due date to file a 2016 calendar year C-Corporation income tax return and pay any tax due if you were given an automatic six-month extension. We will be taking a one week break
Tax Tip Tuesday: Tax Reform Update
The Trump administration and select members of Congress have released a “unified framework” for tax reform. The document provides more detail than a number of other tax reform documents that have emerged from the administration over the past few months, but it still leaves many specifics to be worked out by the tax-writing committees. Here's what we know so far: There's no indication in the framework release of when the tax reform provisions would be effective. The framework
