Does $19.23 sound like a lot?
It’s only March so there are plenty of months left in the tax year to think about how the new tax rates, deduction limits, and contribution amounts will affect you. The new maximum for IRA contributions is $5,500 in 2013, up $500 from last year. The new maximum for 401K and 403B contributions is $17,500, up $500 from last year. The $500 amount might seem small in the process of saving for retirement, but on the other hand increasing your contribution over 26 pay periods is only $19.23 every two weeks.
There’s nothing like getting your tax return completed and filed to get inspired about this year’s tax planning!