Archive - July 21, 2009

1
Taxes for the Self-Employed
2
Three Significant Changes to Your Retirement Plans in 2009 and 2010
3
How Can I Be A Single Mom And Financially Sound?

Taxes for the Self-Employed

If you are self-employed you are responsible for paying the self-employment tax. Any individual who is self-employed, retired, laid-off, or disabled, is responsible for filing and paying Federal estimated quarterly taxes and in states having a state income tax, for filing and paying State estimated quarterly taxes. This can be very different from the taxation that takes place while you are employed.

First of all, the term “estimated quarterly taxes” is not exactly accurate. The IRS publishes a schedule that jumps around a little. The first payment for a tax year is due April 15. The second payment is due …

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Three Significant Changes to Your Retirement Plans in 2009 and 2010

There are 3 major changes that will affect your retirement plans in 2009 and 2010.  Be sure to understand how these changes might affect your personal retirement situation:

1. No required minimum distribution in 2009 for IRA, 401k, 403b, 457b, 401k and profit sharing plans. This does not apply to annuitized defined benefit plans.

2. If you are older than 70 ½, in 2009 you can make charitable gifts from your IRA without the payment being included in your adjusted gross income. The distribution must be a “qualified charitable distribution”, which means it must be made directly from the IRA …

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How Can I Be A Single Mom And Financially Sound?

If you are a newly single parent, this time of year is a good one to get a grip on your financial situation.  Here are a few tips to get you started.

First, know that you can be in charge of your own situation.  Feel free to get help from professionals, but don’t assume that you can’t be financially sound if your co-parent used to handle all the money or even if he made all the money.

Next, figure out what you spend.  Do some detailed listings of what you’ve spent in the past year.  See what you must spend …

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