Archive - 2010

1
What is the Social Security PIA?
2
The Dreaded “Double Tax” On IRAs
3
2010 Roth IRA Opportunities
4
Simplify, Give, and Save
5
Tax Planning In A Recession

What is the Social Security PIA?

If you’ve ever looked at the information about Social Security retirement benefits, you’ve likely come across a figure called the Primary Insurance Amount, or PIA.  So just what is PIA? I mean, besides the airport designation for the General Wayne A. Downing Peoria (IL) International Airport?peoriailbykla4067_thumb

Primary Insurance Amount

The Primary Insurance Amount (PIA) is the projected amount of Social Security retirement benefits that you will receive upon reaching Full Retirement Age – FRA, in Social Security Administration parlance.  (see this article for information about determining your FRA). The PIA is one of the factors used in determining the actual… Read More

The Dreaded “Double Tax” On IRAs

Chances are, if you hold a significant amount of money in your IRA accounts, you may have been approached by a financialThe Dreaded “Double Tax” On IRAs professional who tells you about the “double tax” that may be a part of your account’s future.  Here’s a brief explanation:  when the owner of an IRA dies, assuming that the size of the estate is greater than the exclusion amount (which is a dicey question in 2010’s “limbo” for estate taxes – see below for the 2010 and 2011 specific explanations), your estate will have to pay tax on any amount above the exclusion.  Presumably this includes… Read More

2010 Roth IRA Opportunities

A Roth IRA allows you to save tax deferred money like a regular IRA, and withdraw money tax free. The catch is that instead of paying taxes when you are retired and withdrawing money, you pay tax before you make your contribution.

Besides tax free withdrawals, one of the best features of a Roth IRA is that there is NO required minimum distribution (RMD) at age 70 ½. This works great for extending the life of your nest egg, which is crucial in down years like 2008, when many IRA owners age 70 ½ would rather let their portfolios recover. …

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Simplify, Give, and Save

The end of the the year can mean an influx of stuff and an outflow of dough. When the new year starts, we all have resolutions a plenty. One way to counter clutter, simplify your life, and save money is to go through your closet and get rid of all your unwanted clothes. Every year I have a few shirts, sweaters, coats, and other things that I just don’t need anymore. Between my wife and I, this year we had six bags of clothes to donate.

How can you Give, Save, and Simplify your life? Follow these simple steps:

1. …

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Tax Planning In A Recession

Americans are saving more money. The budget deficit will eventually give way to spending cuts or higher taxes; ergo, we need to prepare for a higher tax environment. Below are twelve ways to save money on taxes during a recession:Tax Planning In A Recession

1. Tax Loss Harvesting – Unfortunately, because of the market decline, we had a lot of losses last year. Fortunately, we captured those losses so that you could use them to offset ordinary income up to $3,000.

2. Pay off Debt – You do not have to pay tax on your savings if you use it to pay down debt. …

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