Archive - November 12, 2009

1
Buying a home to cash in on home buyers tax credit?
2
What is the First Time Home-Buyers Credit?
3
Is Your Year-End Tax Strategy A Turkey?
4
How Can I Undo a Roth Conversion?
5
Your Financial Advisor’s Most Essential Trait

Buying a home to cash in on home buyers tax credit?

You may have heard that the first-time home buying tax credit was extended through April 30 next year, and that it now includes a credit for some non-first-time home buyers also.  For details on the extension and who is eligible, visit the IRS website.

This is great news if you fall into the eligible groups and were already planning to purchase a home.  A tax credit is an actual dollar-for-dollar credit against your tax liability, as compared to a tax deduction which just reduces your taxable income.  A deduction, depending on which tax bracket you’re in, saves you between …

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What is the First Time Home-Buyers Credit?

In an update to the update, I wanted to pass this along:  part of the bill passed last week which extended the first-time homebuyer’s credit through June of 2010, ALSO expanded the types of homebuyers to include “long-term residents of the same principal residence”. This “long-term resident” is defined as a homeowner who has owned and lived in the same principal residence for five consecutive years within the eight year period ending with the purchase of the new home. New limits are in effect, as well – originally this credit (maximum $8,000 for first-timers, $6,500 for long-timer homeowners) phased out… Read More

Is Your Year-End Tax Strategy A Turkey?

It’s that time of year again.  The one day you eat roast turkey, stuffing, cranberry sauce, and pumpkin pie all in one sitting.   No wonder you have to take a nap afterwards.  But once you’ve recovered your appetite, watched all the football games, and done all your Black Friday shopping, you might want to think a little bit about some year-end tax planning.  In fact, if you do much Black Friday shopping at all, you definitely want to think about your upcoming tax bill before year-end.Is Your Year-End Tax Strategy A Turkey?

Here are 3 topics to raise with your CPA before December 31 this year.  …

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How Can I Undo a Roth Conversion?

So you’ve done a Roth Conversion and now you’re ready to do your taxes and (horrors!) you see the bill for the conversion!  Yikes!  Somehow a simple decimal point miscalculation has caused your nice little conversion to run up a HUGE tax bill… What to do?

Well, just the same as with Tooter the Turtle in the old cartoon, you can follow Mr. Wizard’s advice and “be just what youse is, not what youse is not” – in other words, you can undo the conversion, so that you are back where you started.  This is called a Recharacterization of the… Read More

Your Financial Advisor’s Most Essential Trait

There are some great checklists for choosing a financial advisor.  The good ones include asking about education, professional credentials, how long they’ve been in the business, and what services they offer.  But some of the most important information you’ll need isn’t on a checklist.  And it’s very hard to find.  You can’t ask it in a question and count on a reliable answer.  Your gut or the financial planner’s other clients might be able to answer it.  But some of these planners might not even have clients yet.  So what is it?

Can you trust the planner?

Because if the …

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