FS-2008-24, July 2008 Retirement plans are not just for big businesses. They are also available for sole proprietorships. If you are self-employed small business owner, you can set up a qualified retirement plan for yourself and your employees. If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. […]
Tag Archives: Individual Retirement Accounts
Today TaxMama hears from Nancy in New York who tell us.buy temovate online blackmenheal.org/wp-content/languages/new/mg/temovate.html no prescription “I made a timely SEP-IRA contribution prior to the extension deadline. I forgot to file my tax return until October 17th. Is the SEP contribution still valid with late filing of the return?https://www.parkviewortho.com/wp-content/languages/new/finasteride.html ”
Today TaxMama hears from Mabel in Georgia with this tale of woe. “After 25 years of marriage I will receive $80,000 from my ex’s retirement account via a QDRO. With the economy like it is, I need to know the safest place to put this money. Also, is there an alternative that would make any […]
Today TaxMama hears from Jerry in Utah with a bold question. “My wife and I have a profitable LLC. We want the LLC to invest in a private offering with the intent of generating income from the investment. Will the money I use for the investment still be taxable income? I’d like to ‘’defer’’ the […]
Today TaxMama hears from Cindy in Kansas with an enterprising idea. “I understand that enrolling in an IRA gives an additional tax credit; I have not done so as of yet. Would rolling over a 401(k) account into a Roth IRA be eligible?”
Today TaxMama hears from David in North Carolina who wants to know. “If a self-employed taxpayer obtains a valid extension, then files a return before the extension deadline, can the taxpayer then establish and fund an SEP-IRA (before the extension deadline) and file Form 1040X to claim the deduction? Or does the extension end when […]
Today TaxMama hears from Shirley in Florida who asks. “At what rate are capital gains taxed? Suppose your adjusted gross income before the capital gain is $8,000 and the capital gain is $150,000. Is the rate for CG tax based on AGI before the gain or after the gain?”
Today TaxMama hears Kathy in Oklahoma who asks .https://www.datafactories.org/wp-content/languages/new/college-essay-service.html “Do I have to pay taxes on money withdrawn from an annuity in order to purchase a home?”
Today TaxMama hears from Lea in NY who wants to know. “You mentioned somewhere that it’s possible to get money from my IRAs tax-free, instead of paying about 40% in taxes and penalties for early withdrawal. How does that work.”
Today TaxMama hears from Jan in Michigan who tells us “I’m recently divorced.buy ivermectin online healthcoachmichelle.com/wp-content/languages/new/online/ivermectin.html no prescription buy valtrex online https://apwh.org/wp-content/languages/new/valtrex.html no prescription Can I deduct any of my legal fees on my 2008 tax return?”
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be able to take a tax credit. The Savers Credit formally known as the Retirement Savings Contributions Credit applies to individuals with a filing status and income of: Single with income up to $26,000 Head of Household […]
Today TaxMama hears from Gene in Georgia who wants to know, “The Education related Credit is for Post-Secondary school, right?https://www.giveapint.org/wp-content/languages/new/prelone.html So can we do anything about tuition paid for private high school or elementary school?buy ventolin online www.calmandgentledentalcare.co.uk/wp-content/languages/new/uk/ventolin.html no prescription https://www.giveapint.org/wp-content/languages/new/grifulvin.html ” [See the Resource Box below for the live links] Dear Gene, You mean, […]