Archive - November 11, 2010

1
Uncovering Your Retirement Plan’s Hidden Costs
2
Could Congress Bring Relief to the Alternative Minimum Tax?
3
Avoiding The One IRA Rollover Per Year Problem
4
Unemployment And The Debt Diet

Uncovering Your Retirement Plan’s Hidden Costs

73 million Americans use a defined contribution plans for retirement savings and no one knows
their annual costs. As head of the House committee on Labor and Education, Representative
George Miller exposed in Congressional hearings hidden costs of defined contribution plans-
401(K) and 403(B). The Department of Labor recently announced that retirement plan
providers must spell out all individual and general expenses deducted from an employee’s
retirement account. These regulations will not take effect until January 2012 so it is incumbent
that the new Congress does nothing to hinder these common-sense regulations.

An Elder Law Journal report estimated annual expenses …

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Could Congress Bring Relief to the Alternative Minimum Tax?

Each year, Congress usually makes a last-minute adjustment to keep the Alternative Minimum Tax (AMT) from hitting a large number of taxpayers. Although action has not yet been taken for 2010, a letter to the Internal Revenue Service Commissioner from key members of the House and Senate indicates that there’s hope for the enactment of a 2010 AMT “patch.”

Under current law, the AMT exemption amounts for 2010 are $33,750 for unmarried taxpayers; $45,000 for married couples filing jointly and surviving spouses. Senate Finance Committee Chairman Max Baucus, House Ways and Means Committee Chairman Sander Levin, and two other key

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Avoiding The One IRA Rollover Per Year Problem

In case you’re not aware of it, there is a strict rule that the IRS applies with regard to IRA rollovers:  you are allowed to roll funds over from an IRA using the 60-day rule only once during each 12-month period.  FYI: Trustee-to-trustee transfers are not considered rollovers for this rule.

Here’s an example of what could happen:  Early in the year, you withdraw some money from your IRA to help you catch up on some bills.  Then, you receive a bonus a little later in the year, within the 60-day period from your withdrawal, so you deposit those funds …

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Unemployment And The Debt Diet

The initial jobless claims came in somewhat below estimates today, indicating that the economy is continuing to strengthen. At Pivot Point Advisors, we have long maintained that the recovery currently under way will continue to be driven by manufacturing, not consumer spending.

Consumer spending on housing or at retail stores tends to create jobs for less educated workers, while increasing sales at Boeing or Caterpillar tend to translate into jobs for engineers and skilled workers. Companies are often reluctant to lay off these specialized workers, because they are difficult to replace and time-consuming to train.

The unemployment rate has not …

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