Investments and Tax Planning

Investments and Tax Planning

New Sales Tax Law Option

Vehicle Donations and The New Tax Law

Audit Proof your Tax Return - Form 8275 - Audit-proofing techniques can be used effectively to prevent audits, penalties and the wasting of time. The techniques are simple, and should be used especially since the IRS produces a special audit-proofing form you can use. Form 8275.

401K - A 401k is a defined contribution retirement plan that allows employees to have part of their pre tax pay deducted from their paycheck and put into an account that will be held tax exempt until such time as the money is actually used.

401k-Contribution-Limits - 2004 total additions cannot exceed the lesser of $41,000 or 100 % of compensation. If you are age 50 and older, they cannot exceed the lesser of $44,000 or 100 % of compensation.

529 Savings Plan - A 529 Savings Plan for education is a state-sponsored program designed to help finance education expenses.

Cobra Defined - The COBRA health benefit provisions became law in 1986. The law amends the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code and the Public Health Service Act to provide continuation of employer-sponsored group health coverage that otherwise might be terminated.

Credit-Counseling - Before you select a credit counseling agency ask for information on the following:

Debt-Consolidation-Agencies - Debt Consolidation Companies and their Debt Consolidation servicing agents work on mutual agreements with every participating creditor to assist families and individuals to take control of their debt situation and eventually become debt free.

Debt vs Equity - Debt vs Equity: Starting up a business can be a strain on your personal finances. Understanding financal basics, will clarify the process. It can take several months or more before your new business is profitable and can provide financial support for you and your family. This is the Number One reason why you should start on a part time basis, whenever possible.

Futures Trading - Unlike a stock, which represents equity in a corporation. With Futures Trading a position can not be held indefinitely, futures contracts have finite lives. Future trading contracts are primarily used for hedging commodity price fluctuation risks or for taking advantage of price movements, rather than for the buying or selling of the actual commodity. The word "contract" is used because a futures trading contract requires delivery of the commodity within a stated period of time in the future unless the contract is liquidated or sold before it expires.

Home Equity Loans - When you take out a home equity loan or line of credit, you are borrowing money against the equity in your home.

Home Business Tax Savings - Whether you are self employed or are an employee, you may be able to deduct certain expenses and/or cost for a part of your home, which is used for your home business.

Irrevocable Living Trust - Advantages and Disadvantages of a Irrevocable Living Trust.

Joint Venture - A Joint Venture is a General Partnership typically formed to undertake a particular business transaction or project rather than one intended to continue indefinitely.

Living Trust - living trust avoids probate and therefore gets assets distributed significantly more quickly than a will does. It also offers a higher level of confidentiality, because probate proceedings are a matter of public record. In addition, trusts are usually harder to contest than wills.

Offers in Compromise - OIC - An offer in Compromise is when you receive a notice from the IRS that you owed them a lot of money and perhaps they are threatening to take your home or garnish your wages.However you cannot come close to paying what they say you owe. AND, the IRS is demanding a payment for the entire amount owed.

Revocable Living Trust - Advantages and Disadvantages of a Revocable Living Trust.

Roth IRA - Pros and Cons

Stock Investing

Stock Investing Tips

Stock Trading

Stock Trading in an IRA

Tax Lien Certificates - When a property owner fails to pay his/her real estate property taxes. Unpaid taxes become a lien on the property. Basically, this means that the delinquent tax bill is recorded in the local governments property records, and until the taxes are paid, the tax lien remains. Meanwhile, a statute mandated interest rate penalty from 15% up to 50% per year is mounting up. If the real estate property taxes remain delinquent for too long (five years or less) the property owner will risk losing the real estate.

Tax Software - Most of the best resources for tax software can be found on the internet.

Trusts vs Wills - A Living Trust avoids probate and therefore gets assets distributed significantly more quickly than a Will does. It also offers a higher level of confidentiality, because probate proceedings are a matter of public record. In addition, Trusts are usually harder to contest than Wills.

Home | Site-Map