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Tax and retirement notice #4611759
12/22/17 11:59 PM
12/22/17 11:59 PM
Joined: Feb 2012
Posts: 3,870
NEUS
Bandito440 Offline OP
Bandito440  Offline OP
Joined: Feb 2012
Posts: 3,870
NEUS
Iíve 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 wonít be deductible next year. I just paid for TurboTax.

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

Happy Holidays BITOG


'14 Grand Cherokee EcoDiesel
Rotella T6 5w-40 & OEM filter
Re: Tax and retirement notice [Re: Bandito440] #4611830
12/23/17 05:45 AM
12/23/17 05:45 AM
Joined: Mar 2013
Posts: 5,121
The Midwest
skyactiv Offline
skyactiv  Offline
Joined: Mar 2013
Posts: 5,121
The Midwest
Lock the thread, why?

Thank god Washington simplified the federal income tax code.


Wife: 15' Audi A4 quattro 6 speed manual
Me: 13' VW GTI 3 door 6 speed manual
Wanted: 2019 Ford Ranger
Re: Tax and retirement notice [Re: skyactiv] #4611870
12/23/17 06:42 AM
12/23/17 06:42 AM
Joined: Mar 2009
Posts: 3,198
Indiana
BobFout Offline
BobFout  Offline
Joined: Mar 2009
Posts: 3,198
Indiana
Originally Posted By: skyactiv
Lock the thread, why?

Thank god Washington simplified the federal income tax code.


Simple would be a flat tax.


2003 VW Jetta TDI (Sold) / 2015 VW GTI 2.0T
Re: Tax and retirement notice [Re: Bandito440] #4611892
12/23/17 07:16 AM
12/23/17 07:16 AM
Joined: Nov 2009
Posts: 1,952
Ontario Canada
cjcride Offline
cjcride  Offline
Joined: Nov 2009
Posts: 1,952
Ontario Canada
Thanks Bandito, I wish you could give us up here Canadian Tax Tips.
Some timely info there.

Re: Tax and retirement notice [Re: Bandito440] #4611917
12/23/17 07:57 AM
12/23/17 07:57 AM
Joined: Feb 2011
Posts: 911
N. Georgia Mtns
Sierra048 Offline
Sierra048  Offline
Joined: Feb 2011
Posts: 911
N. Georgia Mtns
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. cry

Last edited by Sierra048; 12/23/17 08:03 AM.

2014 Nissan Frontier
2014 GMC Sierra 1500
Re: Tax and retirement notice [Re: skyactiv] #4611919
12/23/17 08:05 AM
12/23/17 08:05 AM
Joined: Feb 2012
Posts: 3,870
NEUS
Bandito440 Offline OP
Bandito440  Offline OP
Joined: Feb 2012
Posts: 3,870
NEUS
Originally Posted By: skyactiv
Lock the thread, why?

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


'14 Grand Cherokee EcoDiesel
Rotella T6 5w-40 & OEM filter

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