Archive - January 12, 2011

1
2011 – The Year of the Housing Recovery?
2
Medical Residents Working Full Time Are Subject To Payroll Taxes
3
Roth IRAs in Retirement
4
4 Financial Skills Everyone Should Master
5
How To Increase Your Credit Score

2011 – The Year of the Housing Recovery?

According to the press and even the Case of the Case Schiller Index, 2011 will bring a housing recovery of sorts. This may very well be true. Recovery means that something is getting better, not necessarily that gets well. If the residential housing market recovers at all, it will be from almost dying on the operating table to resting in the intensive care unit.

Let’s illustrate this with a few housing stats. It is easy to lose sight of the big picture if everyone gets excited about housing starts ticking up or home prices increasing in any given month.  A …

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Medical Residents Working Full Time Are Subject To Payroll Taxes

On January 11, 2011, the Supreme Court held in the Mayo case, that medical residents working full time were subject to payroll taxes. Previously, in 2009, the Eighth Circuit Court of Appeals reversed the earlier District Court decision concerning the payroll tax treatment of medical residents working for the Mayo Foundation for their residency program.  The District Court held that physicians pursuing additional education in their chosen specialty at the Mayo Foundation, for payroll tax purposes were treated as students and thus exempt from the taxes.

The IRS challenged the District Courts interpretation of students as exempt at The Eighth …

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Roth IRAs in Retirement

So you have a substantial IRA (or several IRAs), and you’ve retired.  For the first time since you started your career, you’re in a low tax bracket.  You’re not age 70½ just yet, so you don’t need to concern yourself with Required Minimum Distributions (RMDs).

But then again, maybe you should concern yourself with those Required Minimum distributions…?

Think about it – you’re in a good place, tax-wise, and your IRA money is bound to continue to grow over time.  You are getting along just fine with your pension, Social Security, and other investment income.  This is the perfect time …

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4 Financial Skills Everyone Should Master

The economy still isn’t out of the woods.  Many people still feel the pressure of a sluggish financial landscape.   As the year begins, it’s good to get some financial goals in place.  The fundamentals are a must to start with:

  1. Spending – Spend less than you make.  If you need to make adjustments in your spending, buckle down and do it.  Also, you’ll want to include in your budget the next three items.
  2. Debt – If you have credit card or other unsecured personal debt, work on paying it down.  Pay the biggest amount possible on the debt with
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How To Increase Your Credit Score

Your credit score is the single most important tool institutions use to determine your creditworthiness. Without a credit score of 700 or over, you won’t get the best rates on mortgages and car loans, and you may not get that apartment or job that you dream of. Your credit score can also affect the price you pay for auto insurance. A low credit score can prevent you from getting what you want or make what you get much more expensive!

If you don’t know your credit score, do this:

Pull your credit report from each of the three …

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