Tax Tips: Filing an Extension and What to Do if You Cannot Pay your Taxes

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The folks at Turbo Tax have provided Saving to Invest some great last minute tax tips and guidance for tax payers struggling to file their taxes. Hopefully some of these will help you as tax time draws near: I’m  not going to be able to file my taxes in time. What should I do?  If [...]

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2010 Home Buyer Credit Expiration, Key Dates and Another Possible Extension

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[Update] See this post for the home buyer credit extension ______________________ A report released today by the National Association of Realtors shows home sales are up eight-percent, the single-biggest monthly rise since October 2001.  The reason? – The first-time home buyer tax credit. Nationwide, the tax incentive has been a huge boost, helping to sell [...]

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Roth 401k and Traditional 401k Plans – Comparisons, Benefits & 2010 Income and Contribution Limits

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Over the last few years many company sponsored 401(k) plans have begun offering participants the ability to put money into either a Traditional 401(k) or a Roth 401(k) account. While much attention has been focused on the opportunities for traditional 401(k) plans with an externally held Roth IRA plan, there has been little emphasis on [...]

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Using Your Credit or Debit Card to Pay Taxes – Costs, Convenience and Other Factors To Consider

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With tax season nearing an end many tax payers may find themselves owing taxes to the IRS or to their state tax agencies. Cash flow may be a bit tight, so they may opt to pay via their debit or even credit cards. But before doing so, it pays to be beware of the impacts [...]

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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 vs 2011 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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