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Old 12-04-2013, 07:25 PM
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The IRS announced new dollar limits for 2014 for 401(k) and other defined contribution plans & defiined benefit pension plans.

The IRS announced on Oct. 31, 2013, cost-of-living adjustments for the 2014 tax year that apply to dollar limits for 401(k) and other defined contribution retirement plans, as well as defined benefit pension plans.

IRS stated that "some plan limits will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for adjustment, but other limits will rise in 2014."

The announcement highlighted the new limits for 2014 as follows:
  1. The 401(k), 403(b), and certain 457 plan elective deferral limits in 2014 will remain at $17,500; the catch-up contribution limit will stay at $5,500.

  2. The annual defined contribution limit from all sources under Code Section 415(c) will rise to $52,000 from $51,000.

  3. The maximum amount of employee compensation that can be considered in calculating contributions to defined contribution and defined benefit plans will increase to $260,000 from $255,000.

  4. The limit used in the definition of ”key employee" for purposes of certain nondiscrimination tests and determining whether a plan is top-heavy will increase to $170,000 from $165,000.

  5. The limit used in the definition of a highly compensated employee for the purpose of 401(k) and other nondiscrimination testing remains unchanged at $115,000.

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Old 03-14-2014, 01:01 AM
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Refund Loans

There have been a lot of issues surrounding the income tax that people have been paying. It seems that the taxes that were being paid by the people have exceeded its limits. As of last year, there weren't going to be any refund anticipation loans or tax refund loans ever again, because of an extirpated IRS law. However, occasionally things do come back, as a new form of the loans is being offered by numerous tax prep services. Source of article: 1-877 payday. It is not easy paying for your monthly debts if you are not financially stable. You should try availing a payday loan right now so that you will be able to pay those bills on time.



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