March 2010

The Best Online Brokers For Stocks and Option Trading – Review and Ratings

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If you are thinking of investing in the rising stock market or just looking to start an IRA then you need an online broker. In today’s online world there are lots of good choices, but the key things to look for are still around cost, convenience and customer support. Luckily Barron’s, the leading investment magazine [...]

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Traditional IRA versus Roth IRA – 2011 Contribution and Phase-out Income Limits

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[Updated Nov 2010] The IRS has released the official 2011 401K and IRA Limits. These have been updated based on 2011 cost of living adjustments (COLA) which remained unchanged again this year. The main impact to IRA and Roth IRA plans are the income eligibility/phase-out limits. The table below summarizes the key rules and limits [...]

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$250 Medicare Drug Coverage Gap Rebate for Seniors To Be Paid in 2010 Under Obama Health Care Reform

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[Update] The government is starting to mail out the tax free $250 medicare gap  checks to seniors who fall into the program’s gap in prescription drug coverage. This so called Medicare “doughnut hole,” payment (detailed below) was part of the recently enacted Health care reform bill. If you have Medicare prescription drug coverage, and aren’t already [...]

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2010 HIRE Act – Small Business Health Care Tax Credit, Payroll Tax Incentive and Business Credit For Employers Hiring and Retaining Unemployed Workers

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[Updated with New IRS provisions] The IRS has released more details on tax-saving opportunities included in recently enacted HIRE act federal legislation (see details in previous update below). A variety of business tax deductions and credits were created, extended and expanded by the American Recovery and Reinvestment Act of 2009 (ARRA), this year’s Hiring Incentives [...]

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Obama Health Care Reform Rules and TimeLines, Medicare Rebates, FSA/HSA Changes, Family Coverage and Lifetime Caps

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[Update Sep 2010] Several New Health Care Rules Effective Now With the passage of health care reform a major political achievement for the Obama administration, Americans will finally start seeing the actual impacts of many of these new laws. The main changes are discussed in the previous updates below, but here are the key new [...]

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Poverty Guidelines, Thresholds and Income Limits for 2010 and 2011 – Nearly 50 Million Americans in Poverty

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[Updated - September 2011] According to the Census bureau, the official poverty rate in 2010 (latest data) was up to 15.1 percent, versus 14.3 percent in 2009 and 13.2 percent in 2008. This translates to nearly 50 million Americans in poverty, up from 39.8 million in 2008 and is the fourth consecutive annual increase, a [...]

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2012 SEP IRA Contribution Limits and Eligibility Rules

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[Updated for 2012 limits]  A year or so after starting my small business and completing my first annual tax return my accountant advised that I start looking into a retirement account/plan for my business in order to lower my overall tax bill and also effectively set aside some of my business profits towards retirement. After [...]

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Second Mortgage Write Down Relief Under Expanded Modification Program To Help Struggling Home Owners Facing Foreclosure

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[Updated April 2010] With a weakening housing market and impending expiration of the home buyer credit, the Obama administration and Treasury have stepped up efforts to help struggling home owners facing foreclosure, including subsidies for the unemployed and borrowers who owe more than their home is worth. The updated/revised plan would increase payments to lenders [...]

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Will the Homebuyer Credit be Extended Again Past April 2010? Plus an Update on the $250 SSI Payment

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[Update June 2010] : See this article for the latest news on the September 2010 Filing Extension for the New and Existing Home Buyer Tax Credit ________________________   With the deadline looming for the current home buyer credit that expires in April 2010 (with closing by June 30th 2010), many readers have asked if there is [...]

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