Archive - 2010

1
The Actions You Need To Take With The New Tax Laws
2
Making Charitable Contributions From Your IRA
3
Cleaning House: What To Do With An Old 401k
4
Important Provisions Regarding The New Tax Bills
5
QE2 Eureka, It Worked!

The Actions You Need To Take With The New Tax Laws

Last week, tax legislation was passed that will extend our current income tax structure for two more years.  This includes the annual patch to the Alternative Minimum Tax.  In addition, it provides temporarily modification of our federal estate, gift and generation-skipping transfer tax code through 2012.  Employee Social Security taxes will be lowered by 2% so employees will pay 4.2% on wages and self employed people will pay 10.4% on self employment income up to $106,800.  Finally it allows for an extension of unemployment insurance for an additional year.

From a macro perspective I believe that the tax legislation is …

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Making Charitable Contributions From Your IRA

With the passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Act 2010 or 2010 Tax Act), Congress retroactively reinstated the ability to make direct qualified charitable distributions (QCDs) from your IRA, in amounts up to $100,000 by IRA owners who are at least age 70½ years of age.

This provision expired at the end of 2009, but is once again available, retroactive to January 1, 2010, through December 31, 2011.

The provision allows the individual, age 70½ and thus subject to Required Minimum Distributions (RMDs), to make contributions directly from an IRA to …

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Cleaning House: What To Do With An Old 401k

There is no shame in owning multiple 401(k) or 403(b) accounts—the fact that they exist indicates a commitment to retirement saving. What may bring on a twinge of guilt (and rightfully so) is the neglect of these accounts, such as ignoring how the money is invested and leaving quarterly statements unopened.

Sound familiar? Rest assured that you’re not alone. When leaving an employer many people opt to take the easy way out and check the box next to “no change, leave funds in current 401(k).” Then they go on to their next job and forget about it. For some, this …

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Important Provisions Regarding The New Tax Bills

As you are likely aware, two major bills enacting tax cuts for individuals will expire at the end of 2010: the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).  The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Act 2010) extends quite a few provisions from EGTRRA and JGTRRA for an additional two years, most through 2012.  It also extends a number of provisions enacted as part of EGTRRA that were modified in the American Recovery and Reinvestment Act of 2009 (ARRA).…

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QE2 Eureka, It Worked!

It is official, the Federal Reserve’s Quantitative Easing 2 (QE2) has worked. For those of you who have their doubts, here it the Bloomberg article that makes this claim. Still not convinced? Well, neither am I.

Let’s us recap. Quantitative Easing is a fancy term for the Fed’s decision to buy $600 billion worth of US Government bonds from freshly minted money. Bernanke spent countless hours trying to explain to the world why this scheme is a good idea. His argument went essentially like this: We buy bonds, that drives up the price, by virtue of bond math, higher prices …

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