The New Capital Journal
Financial news, views, advice, and guidance.
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Final Chance to Undo a 2017 Roth IRA Conversion
If you converted a traditional IRA to a Roth IRA in 2017 and your Roth IRA has sustained losses, you may want to consider whether it makes sense to undo your conversion.
IRS Shuts Down State Tax Workaround
The IRS has released proposed regulations that would shut down some suggested workarounds for the new $10,000 limit on the deductibility of state and local taxes (SALT).
U.S. Fiscal Issues: Larger Deficits Are Driving Up Debt
Here's a closer look at the nation's current fiscal situation and what it could mean for future economic growth.
Pain at the Pump: Why Does It Cost More to Fill Your Tank?
If you're like most consumers, you may feel that you're playing gas-price roulette every time you fill the tank.
Interest Rates Rise on Federal Student Loans for 2018-2019
Interest rates on federal student loans are set to rise for the second year in a row. This table shows the interest rates for new loans made on or after July 1, 2018, through June 30, 2019.
New Reports Highlight Continuing Challenges for Social Security and Medicare
Based on the "intermediate" assumptions in this year's report, the Social Security Administration is projecting that the cost-of-living adjustment, (COLA) announced in the fall of 2018, will be 2.4%.
Retirement Confidence Improves for Workers, Declines for Retirees in Critical Areas
In its 28th annual Retirement Confidence Survey, the Employee Benefit Research Institute (EBRI) discovered that 64% of today's workers feel very or somewhat confident in having enough money to retire comfortably, up from 60% in 2017.
Changing Market: Municipal Bonds After Tax Reform
The muni market stabilized through April 2018, but uncertainty remains.
New Medicare Cards Are Coming
If you receive Medicare, you will be getting a new Medicare card in the mail. Your new card will have a new Medicare Number that's unique to you.
Trade Tactics: New Metals Tariffs Reflect U.S. Policy Shift
On March 8, 2018, President Trump imposed a global tariff of 25% on steel imports and 10% on aluminum imports.
IRS Releases Updated Form W-4 and Withholding Calculator
These updated tools can help you check your 2018 tax withholding to determine if it's still appropriate following passage of the Tax Cuts and Jobs Act in December 2017.
Federal Income Tax Returns Due for Most Individuals
The federal income tax filing deadline for most individuals is Tuesday, April 17, 2018.
There's Still Time to Contribute to an IRA for 2017
There's still time to make a regular IRA contribution for 2017! For most taxpayers, the contribution deadline for 2017 is April 17, 2018.
Correction Time: The Market Takes a Hit
After reaching all-time highs on January 26, 2018, the Dow Jones Industrial Average and the S&P 500 went into a two-week slide.
Tax Cuts and Jobs Act: 529 Plans Expanded
College students and their parents dodged a major bullet with the legislation, as initial drafts of the bill included the elimination of Coverdell Education Savings Accounts, the Lifetime Learning Credit, and the student loan interest deduction.
Tax Cuts and Jobs Act: Impact on Business
The Tax Cuts and Jobs Act, a $1.5 trillion tax cut package, was signed into law on December 22, 2017. The centerpiece of the legislation is a permanent reduction of the corporate income tax rate.
2018 Insurance Planning Key Numbers
Eligible long-term care premium deduction limits
Per diem limit
Archer Medical Savings Accounts
Flexible spending account (FSA) for health care
Health Savings Accounts (HSAs)
2018 Estate Planning Key Numbers
Key Estate Figures
2017 and 2018 gift and estate tax rate schedule
2018 Investment Planning Key Numbers
Maximum tax on long-term capital gains and qualified dividends
Unearned income Medicare contribution tax ("net investment income tax")
2018 Business Planning Key Numbers
Adoption Assistance Program, Earnings subject to FICA taxes (taxable wage base), Health insurance deduction for self-employed, Qualified transportation fringe benefits, Section 179 expensing, Small business tax credit for providing health-care coverage, Special additional first-year depreciation allowance, Standard mileage rate (per mile), Tax on accumulated earnings and personal holding company income