People often ask, "What do I do with all these papers?" This is a good time of year to make sure essential documents are organized. Filing tax returns will be easier if information about income sources, expenses and investment records is accessible. Everyone should have these basic documents available:
The deductibility of interest arising from investment activity provides taxpayers with a tax deferral opportunity, but taxpayers must compare the relative value of the deduction and capital gains treatment. The deduction is limited by the taxpayer's net investment income for the year. Net income includes dividends, royalties and interest less investment expenses. Taxpayers with large interest payments and limited current income may wish to elect to have capital gains treated as investment income to increase the interest deduction.
The Balanced Investment Option allocates your contributions equally between the U.S. Equity Investment Option and the Fixed Income Investment Option. The objective of the Balanced Investment Option is to generate long-term growth, but with less short-term volatility than the U.S. Equity Investment Option alone. The portfolio will be rebalanced periodically to maintain a 50 percent allocation to the U.S. Equity Investment Option and a 50 percent allocation to the Fixed Income Investment Option. Currently, withdrawals for qualified higher education expenses are exempt from federal income tax. The law allowing federal income tax-free qualified withdrawals is set to expire on December 31, 2010. The U.S. Congress may or may not extend the law. If the law is not extended, the earnings will...
Parents have another reason to open a 529 college savings plan as a means to pay for their child's education now that Congress has made tax-free withdrawals permanent. Since being created by Congress 10 years ago, the growing tax benefits have catapulted the 529 into the most popular form of college savings. The 529 plans, managed by states, encourage parents to save for college by allowing contributions to be deducted from the income tax of most states, including Colorado. Investment earnings grow tax free, and withdrawals to pay college expenses are tax free.
[Michael G. Shinn], CFP, Registered Representative and Advisory Associate oj and securities offered through Financial Network Investment Corporation, member SlPC. Visit www.shinnfinancial.com/or more information or to send your comments or questions to shinnm@/financialnetwork.com. © Michael G. Shinn 2008. Neither Michael Shinn nor Financial Network provides tax advice. Please consult a tax professional before implementing any strategy. If you want to achieve your financial goals, it is imperative to manage the major source of your potential wealth - your cash. Are their ways that you can take advantage of today's relatively low interest rates by possibly refinancing your mortgage or switching to a lower rate credit card? Have you maximized your income potential? Would overtime or a sec...
...? Consider alternative ways to reduce expenses such as buying clothes during seasonal sale period...
...(TSE:HCN.UN.) announces net income including special items for the quarter ending Sep.... Investment and Other Income . For the nine months ending Sept... period $ 679,718 $ 564,613 Organization expenses on formation of the partnership - (14) Issue of pa...
Some of those strategies include: * Enroll in your company's benefit plans - health insurance, healthcare reimbursement, life insurance and disability insurance. * Contribute to your 401(k) plan to maximize the company match, the maximum limit and the over age 50 catch-up limits. * Review your tax situation with aCPA by estimating your income and determining if you should prepare or postpone certain deductible expenses. * Review your investment portfolio for winners and losers.
Several studies on US aging population are discussed. A study conducted by the Urban Institute concludes that by the time baby boomers hit the age of 67, they will have more wealth and higher incomes. Paine Webber research reports that the widely used statistical measures understate boomers' savings, wealth, income and investment while overstating their expenses.
Oklahoma Natural Gas' operating and payroll costs - including the rising cost of health care - are being closely examined at the Oklahoma Corporation Commission this week, as the commission considers the utility's request for a rate hike. In January, ONG filed a request for a $99.4 million rate increase, which would raise the average residential customer's bill by about $120 a year. The bulk of the increase, $60.9 million, would go toward increased investment and expenses, and the remaining $38.5 million would be paid in additional income taxes, according to ONG, a subsidiary of Tulsa-based Oneok.
Mack-Cali Realty Corp., the third-largest U.S. office real estate investment trust, said Thursday that first-quarter net income dropped 42 percent because of higher expenses and after a one-time gain lifted results from a year ago. Net income dropped to $19.1 million, or 28 cents a share, from $33.1 million, or 52 cents, a year earlier. Revenue at the Edison- based company climbed 27 percent to $191.7 million.
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