If you are receiving a tax refund, consider directing your refund into your retirement account. This option is available to all individual filers no matter which 1040 form they file. For more information on the direct deposit of your refund, read this C.P.A. Insight.
Investors who are seeking income producing investments during a time when interest rates are low may turn to master limited partnerships. It is important to remember master limited partnerships are businesses first, and they expose the investor to more than investment or market risk. For a detailed explanation of master limited partnerships, read this Investment Whys.
When discussing the initial mandatory IRA withdrawal, one can easily become confused by the rules and regulations on when the withdrawal should occur. Assets such as qualified retirement plans, 403(b) Plans, IRAs, SEPs, SIMPLE IRAs and section 457 Plans are all included in calculating a mandatory withdrawal. For more information about your first mandatory IRA withdrawal and to learn how your withdrawal is calculated, read this Financial Strategy.
Section 529 College Savings Plans offer families an effective way to save for college costs including tuition, books and room and board. The advantages to 529 Plans include portability, tax advantages, age-based asset allocation and professionally managed portfolios. However, there are some disadvantages as well. For more information on these drawbacks and who should consider a 529 Plan, read this Financial Strategy.
IRS notices are common; however, most taxpayers dread receiving one. A notice usually covers very specific issues and contains instructions on how to deal with it or a number to call if you have any questions. For more information about IRS notices and what to do if you receive one, read this C.P.A. Insight.
Some financial advisers may view real estate as an important element of an investment portfolio. For many individuals, it is one of the main elements. Many investors tend to choose real estate over other investments because they are more familiar with real estate. Real estate is not limited to owning a home though.
Taxpayers who took energy saving steps in 2009 or this year may be eligible for greater tax savings. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes, has been increased as part of the American Recovery and Reinvestment Act of 2009.
If you find yourself waiting on a 1099 form before you attempt to calculate your income tax return, you may be able to proceed without the missing form. In many cases, it is possible to find the necessary information using other sources. For more information on the different types of 1099 forms and where you might find accurate information if your form is missing, read this C.P.A. Insight.
When moving to a new state, you should take a few key steps to change your state of residency other than completing a change of address form at the post office. You should notify any social or religious organizations, creditors, the department of motor vehicles and the Clerk of the Circuit Court to name a few. For more places where you should make changes to your state of residency, read this Financial Strategy.
You read about them almost daily—GDP, CPI, Consumer Confidence—but just what are they and what do they mean? These are economic indicators that are based on statistics and surveys. The indicators provide economists, governments, investors and even the media information regarding our nation’s economic health. For explanations on each of these indicators, read this Financial Tip.