Many Retirement Plan Dollar Limits are Changed for 2018

The IRS has announced the 2018 cost-of-living adjustments (COLAs) with respect to retirement plan dollar limits. Many limits are changed for 2018 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged. The article below outlines the changes you need to be aware of. Sincerely yours, Dean Holland,…

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IRS Highlights Significant 2016 Tax Changes for the Current Filing Season

Dear Tax Payer, Recently the IRS released a fact sheet highlighting some of the important 2016 tax changes that affect the current tax return filing season.   The article below summarizes the changes. Sincerely Yours, Dean R. Holland, CPA, MSA President IRS Highlights Significant 2016 Tax Changes for the Current Filing Season In a recent…

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Overview of Various Types of IRAs Available

Overview of Various Types of IRAs Available At one time, there was relatively little confusion about IRAs because there was only one type available. Now, however, IRAs have proliferated-there’s the “traditional” IRA, which may be funded with deductible and/or nondeductible contributions, Roth IRA, SEP-IRA, and SIMPLE IRA. Some of these IRAs have similar features, but…

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Tax Considerations for Same Sex Spouses, Domestic Partners, and Partners in Civil Unions.

The following are various tax considerations that arise for unmarried individuals who live together as registered domestic partners or partners in civil unions under state law. These partners may be of the same sex or, in some states, of opposite sexes. Individuals in these relationships have many of the same rights and responsibilities as married…

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