Evaluate options before breaking your 401(k) nest egg

Posted on July 24th, 2008 by vLogged

With today’s shrinking home values, rising adjustable mortgage rates, and tighter loan standards, many people are turning to their 401(k) plans as sources of needed cash. But early withdrawals can exact a
heavy price, and even borrowing from a 401(k) can have adverse consequences.
Due to the tax effect, withdrawing funds from a qualified retirement plan is [...]

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Mark Your Calendar

Posted on July 22nd, 2008 by vLogged

Here are a few tax related dates to keep in mind…
June 16 - Second quarter 2008 individual estimated tax is due
July 31 - 2007 retirement and employee benefit plan returns are due for calendar-year plans
September 15 - Third Quarter 2008 individual estimated tax is due

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Filed under: Taxes

IRA Contributions

Posted on July 17th, 2008 by vLogged

If you contribute to an IRA, the contributions may be fully or partially deductible. Although deductions are generally not available to high-earning taxpayers if either spouse participates in an employer’s retirement plan, contributions may still grow on a tax-deferred basis until withdrawn.
The contribution limit for the 2008 tax year increased from $4,000 to $5,000. Plus, [...]

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Filed under: Finance, Financial Planning, Personal Finance, Taxes

Tax Saving Options in 2008 rules: Part II

Posted on July 15th, 2008 by vLogged

Mortgage Insurance Deductions
Congress previously approved a one-year deduction for mortgage insurance premiums in 2007. A full deducation was available for taxpayers with and AGI of $100,000 or less. Once income exceeded $100,000, the deducation was phased out.
The new mortgage relief law extends this tax break for three years through 2010. Therefore, you may qualify for [...]

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Tax Saving Options in 2008 rules: Part I

Posted on July 14th, 2008 by vLogged

Capital gains and dividends
The mazimum tax rate on net long-term gains and qualified dividends for taxpayers normally in the 10% or 15% regualr income tax brackets is reduced from 5% to 0% for 2008. Under current law the 0% rate will remain in effect through 2010. This may be a good year to have your [...]

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Saving for your child’s college education

Posted on July 12th, 2008 by vLogged

We all know that a college education is important, but did you know that, according to U.S. Census Bureau statistics, people with a bachelor’s degree earn nearly twice as much on average than those with only a high school diploma?
The challenge is that the cost of a college education continues to rise considerably faster than [...]

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Filed under: Finance