Welcome to the Ask Ralph Blog! Feel free to post your question or comment. Ralph Estep, Jr., of Saggio Accounting Services will be posting great items of interest. Feel free to ASK Ralph a question!
Wednesday, November 23, 2011
Friday, November 18, 2011
Wednesday, November 9, 2011
We are now on TaxBuzz
We are now participating on the TaxBuzz site, follow our link
http://www.taxbuzz.com/public-accountant-tax-preparation-consulting-saggio-management-group
http://www.taxbuzz.com/public-accountant-tax-preparation-consulting-saggio-management-group
Tuesday, November 8, 2011
Friday, November 4, 2011
Wednesday, November 2, 2011
Pension limits for 2012 - Great news!
IRS Announces Pension Plan Limitations for 2012
The IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. Highlights include:* The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $16,500 to $17,000.* The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.* The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $58,000 and $68,000, up from $56,000 and $66,000 in 2011. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $92,000 to $112,000, up from $90,000 to $110,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $173,000 and $183,000, up from $169,000 and $179,000.* The AGI phase-out range for taxpayers making contributions to a Roth IRA is $173,000 to $183,000 for married couples filing jointly, up from $169,000 to $179,000 in 2011. For singles and heads of household, the income phase-out range is $110,000 to $125,000, up from $107,000 to $122,000. For a married individual filing a separate return who is covered by a retirement plan at work, the phase-out range remains $0 to $10,000.* The AGI limit for the saver’s credit (also known as the retirement savings contributions credit) for low-and moderate-income workers is $57,500 for married couples filing jointly, up from $56,500 in 2011; $43,125 for heads of household, up from $42,375; and $28,750 for married individuals filing separately and for singles, up from $28,250.
The IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. Highlights include:* The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $16,500 to $17,000.* The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.* The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $58,000 and $68,000, up from $56,000 and $66,000 in 2011. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $92,000 to $112,000, up from $90,000 to $110,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $173,000 and $183,000, up from $169,000 and $179,000.* The AGI phase-out range for taxpayers making contributions to a Roth IRA is $173,000 to $183,000 for married couples filing jointly, up from $169,000 to $179,000 in 2011. For singles and heads of household, the income phase-out range is $110,000 to $125,000, up from $107,000 to $122,000. For a married individual filing a separate return who is covered by a retirement plan at work, the phase-out range remains $0 to $10,000.* The AGI limit for the saver’s credit (also known as the retirement savings contributions credit) for low-and moderate-income workers is $57,500 for married couples filing jointly, up from $56,500 in 2011; $43,125 for heads of household, up from $42,375; and $28,750 for married individuals filing separately and for singles, up from $28,250.
Tuesday, November 1, 2011
Saggio Management's You Tube Channel
We are pleased to announce the introduction of our You Tube Channel. http://www.youtube.com/user/UncleSaggio
We have a bunch of informational messages, how-to videos, and other interesting information. Don't miss our weekly Friday update. Take a look and let us know what you think.
If you have ideas for our channel or topics you would like to see us cover, let us know.
We have a bunch of informational messages, how-to videos, and other interesting information. Don't miss our weekly Friday update. Take a look and let us know what you think.
If you have ideas for our channel or topics you would like to see us cover, let us know.
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