How Many Trillions Did the IRS Collect in FY 2015?
The amount of tax money being collected by the IRS continues to grow according to the latest data provided by the agency.
Taxes
Stay informed on tax rules and implications affecting federal employees and retirees, including guidance on taxes for FERS and CSRS annuities, Social Security taxation, TSP withdrawals, and retirement income planning. Explore updates on IRS regulations, withholding rules, state tax considerations, and policy changes that influence how federal retirement benefits are taxed. Find clear explanations and practical insights to help federal employees understand how different income sources are treated and how tax changes may impact their financial planning.
IRS Reminds Retirees of April 1 Deadline to Begin Required Retirement Plan Distributions
The Internal Revenue Service said in a statement Monday that taxpayers who turned 70½ during 2015 must start receiving required minimum distributions (RMDs) in most cases from Individual Retirement Accounts (IRAs) and workplace retirement plans by Friday, April 1, 2016.
13 Things You Should Know About Taxes and Federal Retirement
Tax time is closer than you think. Here are 13 things you should know about taxes and your federal retirement.
2016 Financial Resolutions
Does your personal financial plan need a tune up in the new year? The author offers some suggestions to consider as part of your new year’s financial resolutions as you plan for retirement and the long term needs of your family.
Date Set for Start of 2016 Tax Season
The Internal Revenue Service announced this week that tax season for American taxpayers will begin January 19, 2016.
Tax Traps for Federal Employees to Avoid
The author outlines some retirement tax traps for federal employees that can be avoided with proper planning.
Spending Bill Extends Exemptions from TSP Withdrawal Penalty for Some Federal Employees
Certain “special category” federal employees will benefit from a provision in the new tax and spending bill that extends penalty free withdrawals from the Thrift Savings Plan under certain conditions.
Tax Favored ABLE Accounts For Special Needs Children
Congress recently introduced a new type of account for young, disabled individuals. This is a summary of how these accounts work.
Legislation Introduced to Block Bonuses for Tax Delinquent Federal Workers
Senators Richard Burr (R-NC) and Senator Joe Manchin (D-WV) have introduced legislation that would withhold bonuses from federal employees who are delinquent on their taxes or have engaged in documented misconduct.
I Can’t Find a Qualified Financial Advisor. Now What?
My wife and I have looked throughout our home town and can’t find even one financial advisor that specializes in working with federal employees. At the same time, I’m uncomfortable working with an advisor in another area of the country. What should we do?
