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
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either spouse participates in an employer’s retirement plan, contributions may still grow on a tax-deferred basis until withdrawn.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
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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Whenever I meet clients, I can safely assume that they are confused between Traditional and Roth IRA. Actually, most of the times it’s safe to assume that they wouldn’t know the difference between the two. Generally speaking, a Traditional IRA is where before-tax dollars are contributed (which, at time of withdrawal, are subjected to tax) [...]
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Filed under: Finance, Financial Planning, Investing, Personal Finance, Taxes, Understanding Finances
Here’s an interesting list I came across the other day. 15 interesting facts about IRS – Talk about oxymorons (IRS & Interesting)
1. IRS was known as the Bureau of Internal Revenue when it first came into existence. In the 1950’s the name was changed to the Internal Revenue Service.
2. The initial income tax was only [...]
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Filed under: Business & Economics, Daily Ramblings, FUNancials, Taxes
In order to reduce the tax burden that small businesses may suffer from, it is vital for the owners to be aware of the latest reforms which can help them avail tax reliefs. Several aspects of the tax legislation help provide relief to small businesses. The categories which include reduction and aid include returns on [...]
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Filed under: Business & Economics, Finance, Funds, Investing, Taxes
Out of all the new financial blogs cropping up everywhere in the Blogosphere, Rapid Random is the one which caught my eye. This was because of its post about ‘Tax Rebate Checks for late filers’ which states that people who missed their initial deadline of 15th April can still get ‘a-little-bit-of-money-back’. Being in-the-loop I always [...]
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Filed under: Daily Ramblings, Investing, Products & Websites, Taxes
One of the unforeseen problems with taking early withdrawals from the 401k can be the accumulation of a huge debt to the IRS. Most people fail to figure this out (maybe because they forget to read the ‘fine print’, or maybe because this is a lesser known fact), but when they take an early withdrawal [...]
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Filed under: Credit, Debt Consolidation, Financial Planning, Personal Finance, Taxes
There were recent changes in the legislation which everyone needs to be aware of. Even though this year the retirement security plans were the centre of discussions, there are a few other reforms pertaining to your IRA which can make a significant difference in your financial plans for 2008.
There have been massive changes in the [...]
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Filed under: Business & Economics, Finance, Financial Planning, Insurance, Personal Finance, Taxes
Here’s a really useful article I found on Russell Bailyn’s Blog. You can find the original post at his blog here.
The Economic Stimulus Package + Other Helpful Tax Strategies
We’re entering the heart of tax season so I figured now would be a good time to do this post. If you are a client and haven’t [...]
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Filed under: Business & Economics, Personal Finance, Taxes
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