Weekly Market Wrap: Stocks rose for the second straight week on higher oil prices and better than expected durable goods orders. For The Week The S&P 500 added 1.58% to 1948.05 Oil gained 3.24% to $32.78 Gold slipped 0.43% to $1,223.27 The US Dollar rose 1.49% to $98.08 against other major world currencies. […]
On Monday, November 2, President Obama signed into law H.R. 1314, the “Bipartisan Budget Act of 2015.” One significant byproduct of the legislation is the elimination and/or curbing of two Social Security filing strategies that two-income married couples may have been using — or counting on — to increase their lifetime Social Security payouts. The […]
How can I get a form SSA-1099/1042S, Social Security Benefit Statement? An SSA-1099 is a tax form we mail each year in January to people who receive Social Security benefits. It shows the total amount of benefits you received from Social Security in the previous year so you know how much Social Security income to […]
The IRS has released the cost-of-living adjustments (COLA) affecting dollar limitations for Individual Retirement Accounts (IRAs), defined contribution and other retirement-related items for tax year 2016. In general, most limits will remain unchanged for 2016 because the increase in the cost-of-living index did not meet the threshold that would trigger their adjustment. The table below […]
Tuesday February 23, 2016 WASHINGTON NEWS IRS Warnings During Peak Filing Season Each year, the IRS publishes its “Dirty Dozen” list of tax scams. This week, the IRS warned taxpayers to avoid “phishing scams” and not to falsify income or make frivolous arguments. As of February 18, the IRS reports that there is a 400% […]
Weekly Market Wrap: Stocks gain as oil surges higher and consumer prices rise as well. For The Week The S&P 500 gained 2.84% to 1917.78 Oil jumped 7.85% to $31.75 Gold slipped 0.81% to $1,228.54 The US Dollar rose 0.68% to $96.64 against other major world currencies. 2016 Year-To Date for the […]
Ask many Americans about their experience with tax time and they are likely to describe lots of paperwork, confusing rules, and late nights on their computer. But it doesn’t have to be that way. Getting organized now — instead of waiting until the days before April 15 — may help streamline your tax preparation and […]
The Federal Reserve’s actions can have a marked influence on the economy and financial markets. For instance, some market analysts believe that the Fed’s massive, multi-year bond-buying program coupled with a record-setting period of near-zero interest rates fueled the six-year bull market for stocks. Now investors are awaiting news of when — and by how […]
WASHINGTON NEWS IRS Taxpayer Support in 2016 Each year the IRS alerts taxpayers about potential tax problems and scams. Four of the 2016 “Dirty Dozen” scams were described in IRS letters this week. First, unscrupulous tax preparers may plan to file an inflated tax refund for you. IRS Commissioner John Koskinen stated, “Be wary of […]
Weekly Market Wrap: Stocks continue lower this week on global growth concerns and additional oil price declines. For The Week The S&P 500 lost 0.81% to 1864.78 Oil dropped 4.69% to $29.44 Gold added 5.59% to $1,238.59 The US Dollar fell 1.11% to $95.99 against other major world currencies. 2016 Year-To Date for […]
