New Roth IRA Rules Postpone Income Reporting
On January 1, 2010 the rules for converting a retirement account to a Roth IRA are changing. Currently, people can only convert their accounts to a Roth IRA if they have a modified adjusted gross income of $100,000 or less and must not be filing their taxes as married filing separately. Under the new rules, [...]
Recession over, what now?
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People are starting to say that the recession is over, or finishing up. So if it really is over, what should we do with our finances? Even though consumers are starting to spend some money and again feel comfortable with their money, there is still a long way to go before we are at the [...]
Planning for Retirement
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Many people just starting out in the workforce might not be thinking about retirement planning just yet, however, the earlier you start planning and saving for retirement the better off you will be. Even if you start out putting only a few dollars a week into an IRA or 401k it can still make a [...]
Exploring Individual Retirement Accounts
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1. Who can contribute? IRAs are a great way to save towards retirement. Taxpayers younger than 70 1/2 on December 31st are eligible to contribute to an IRA. 2. How much can I contribute? If you do not have a retirement plan with your employer, you can put $5,000 a year in an IRA ($6,000 [...]
Beat the Taxman
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It’s getting closer to the end of the year which means the end of the tax year as well. So how can I make a few last minute changes to lower my tax debt? Charitable Contributions For those with a little extra cash, this is the best time to make charitable contributions. Not only is [...]