News Stories
Money resolutions to make in 2010
Hoping to clean up your finances this year? Set some reasonable goals.
Kathy M. Kristof suggest 10 simple ones that can make a big difference.
With the economy still in the dumper and many of us feeling poorer,
it's no surprise that many Americans have resolved to clean up their
finances in this new year. The trick is to set reasonable goals. Make
those resolutions too difficult and you're sure to break them. Like
dieters who vow to eat nothing but carrot sticks, spendthrifts who swear
to pinch every penny are doomed to failure. A better approach is to
start with a few things that are so easy to fix that you'll stick with
the program. You may be surprised how quickly these small changes can
add up to real money in your pocket. Kathy M. Kristof suggests 10 simple
resolutions that can improve your financial position in the months and
years to come.
Click here for the complete story.
7 tax moves to make by year-end
The holidays are bearing down, but to make sure you don't overpay the
IRS when you file your 2009 return next year, you need to make time
for some year-end tax tasks. Some of the tax breaks will expire Dec.
31, so this could be your last chance to use them. Others will be around
awhile longer, but it might make sense to claim this year. And some
have been helping folks cut their IRS bills for ages and likely will
be around for many tax years to come.
Click here for the complete story.
6 ways to boost your income in a big way
Budgets and penny-pinching are all well and good, but if you're looking
to give your income a serious lift, there is no substitute for entrepreneurial
grit. Many turn talent and expertise into a second source of income,
providing consulting services on the side, for example, while maintaining
their full-time jobs. Others put more skin in the game, making major
investments to start local franchise operations or purchase rental property
in pursuit of passive income. But all who call themselves successful
share similar character traits: a rock-solid work ethic and a willingness
to roll up their sleeves. If you count yourself among them, the following
money-making opportunities might help give you the raise you deserve.
Click here for the complete story.
IRS Issues Guidance on 2009 Required
Minimum Distribution Waiver
The Internal Revenue Service today provided guidance for retirement
plan administrators, plan participants and retirees regarding recent
legislation affecting required minimum distributions. The Worker, Retiree,
and Employer Recovery Act of 2008 waives required minimum distributions
for 2009 from certain retirement plans.
Generally, a required minimum distribution is the smallest annual amount
that must be withdrawn from an IRA or an employer's plan beginning with
the year the account owner reaches age 70 1/2. The 2008 law waives required
minimum distributions for 2009 for IRAs and defined contribution plans
(such as 401(k)s) and allows certain amounts distributed as 2009 required
minimum distributions to be rolled over into an IRA or another retirement
plan.
Notice 2009-82 (http://www.irs.gov/pub/irs-drop/n-09-82.pdf) provides
relief for people who have already received a 2009 required minimum
distribution this year. Individuals generally have until the later of
Nov. 30, 2009, or 60 days after the date the distribution was received,
to roll over the distribution.
The notice also provides guidance for retirement plan sponsors. It contains
two sample plan amendments that plan sponsors may adopt or use to amend
their plans to either stop or continue 2009 required minimum distributions.
Both sample amendments provide that participants and beneficiaries can
choose to receive or not to receive 2009 required minimum distributions.
Also, both sample amendments allow the employer to offer direct rollover
options of certain 2009 required minimum distributions.
Plan sponsors may need to tailor the sample amendment to their plan's
particular terms and administration procedures and must adopt the amendment
no later than the last day of the first plan year beginning on or after
Jan. 1, 2011 (Jan. 1, 2012 for governmental plans).
IRS 2009-085
Changes to IRA conversion rules
create new complexities
Tax Talk Question: For some time, I have wanted to convert my regular
IRAs to Roth IRAs, however, my income is too high. Is there any relief
in sight on this issue?
Answer: Next year will be a pivotal one for retirement planning, as it will be the first year in which taxpayers will be able to convert funds in regular IRAs (as well as qualified plan funds) to Roth IRAs regardless of their income level. This new conversion option poses significant tax planning challenges and opportunities for 2009, 2010 and 2011.
For the complete article, please click here.
7 retirement investing mistakes
Everyone knows the secret to investment success is to buy low and sell
high. The problem is most of us lack clairvoyance. We weigh in on some
of the most common mistakes investors make, and while it's easy to see
that chasing hot stocks -- the most frequently cited mistake -- would
be an exercise in futility, there are other pitfalls to watch out for
on the road to retirement. There are never any guarantees when investing,
but avoiding these seven missteps will better your chances of success.
For the complete article, please click here.
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