The Dependent care Flexible Spending Account (Dependent care FSA) can be opened to pay for expenses to care for your dependents that live with you while you are at work. This can be used for the kids who are under the age of 13 and can also be used for children of any age who [...]
The Medical Flexible spending account is the most popular type of FSA is used to pay for medical expenses not paid by any insurance; the most common expenses would be co-payments at doctors and hospitals, prescription drug costs, insurance deductibles and coinsurance. Starting January 1, 2011 participants of Medical FSA will not be able to [...]
A flexible spending account (FSA) is a tax advantaged employer sponsored cafeteria plan. A flexible spending account allows an employee to contribute a portion of his or her wages to pay for their family’s medical expenses or dependent care expenses based on the rules established in the cafeteria plan. Funds deducted from an employee’s pay [...]
Planning for your retirement is more than just deciding how to spend your money. The choices you make now may allow you to provide for your family’s needs even after your death. Here are the helpful tips to plan:
Keep your family informed
Be sure your spouse, domestic partner or another responsible person knows what to do [...]
Saver’s Credit
You can get an income tax credit of up to $1000 for a single tax payer or up to $2000 if married filing a joint tax return by contributing to a qualified retitement plan ( 401(k), 403(b) etc.).
Eligibility Criteria
In order to be eligible for the saver’s credit the following conditions must be satisfied.
An individual [...]
The internal revenue service has announced the 2011 contribution limitation
for retirement plans. All the 2010 contribution limitations remain unchanged
for the year 2011.
Retirement Plan
2010 Amount
2011 Amount
Maximum salary deferral allowed for 401(k), 403(b) and SAR-SEP plans
$16,500
$16,500
Catch-up contribution limit for 401(k), 403(b) and SAR-SEP plans
$5,500
$5,500
Annual additions dollar limit for defined contribution plans
$49,000
$49,000
Maximum Salary deferral allowed for SIMPLE plans
$11,500
$11,500
Catch-up [...]
Investing for your retirement is one of the best resolutions you can have, because it will help you during the period where you need more financial help. Traditional IRA and Roth IRA are some of the vehicles that you can consider for your retirement savings. For more options for your retirement please look at the [...]