Tag Archive: IRA

Oct 09 2013

Lower income? Don’t pass up the saver’s credit

In 2002, Congress passed legislation to create an income tax credit designed to encourage lower- and middle-income people to save money for retirement. The saver’s credit, worth up to $1,000 a year for individuals ($2,000 for couples filing jointly), rewards people for contributing to an IRA or 401(k) plan. benefit from the saver’s credit are …

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Permanent link to this article: http://www.easttexasreview.com/lower-income-dont-pass-up-the-savers-credit/

May 06 2013

Escape tax surprises

Many taxpayers have more taxes withheld from their pay than necessary. You should try to have your income tax withholding match your actual tax liability, especially if you normally get a large refund and you would like more money in your paycheck. If not enough tax is withheld, you will owe tax at the end …

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Permanent link to this article: http://www.easttexasreview.com/escape-tax-surprises/

Jul 30 2012

How Mitt got his

Romney keeps playing hide-and-seek with his booty. By Jim Hightower What a blessing it is for Mitt Romney to serve as the Republican nominee for president. He’s a living portrait of Mr. Wall Street Man. As his candidacy unfolds, it’s allowing us commoners to get a peek into how the privileged few rig the rules …

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Permanent link to this article: http://www.easttexasreview.com/how-mitt-got-his/

May 15 2012

Paperwork after tax filing season

Now that the tax filing season has come and gone, you may be wondering how long to keep records and what records to keep.  Keeping necessary records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. “Normally, …

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Permanent link to this article: http://www.easttexasreview.com/paperwork-after-tax-filing-season/

Jan 23 2012

Tax strategies in a tough economy

By Jason Alderman For most of us, income tax calculations don’t change much from year to year. But thanks to the roller coaster economy of the past few years, many people have undergone major life changes that can have a significant impact – good or bad – on their taxable income and how they should …

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Permanent link to this article: http://www.easttexasreview.com/tax-strategies-in-a-tough-economy/

Jan 05 2012

Boosting your retirement plan contributions

By Jason Alderman For the first time since 2009, the IRS has increased the amount people can contribute to their 401(k) and other defined contribution plans. Effective January 1, 2012, the maximum annual contribution grows by $500 to $17,000, thanks to an increase in the Department of Labor’s Consumer Price Index for Urban Consumers (CPI-U), …

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Permanent link to this article: http://www.easttexasreview.com/boosting-your-retirement-plan-contributions/

Dec 13 2011

How to undo a Roth IRA conversion

By Jason Alderman We’ve all suffered buyer’s remorse – say you buy something you really can’t afford or the item’s sudden drop in value make it seem, in retrospect, a poor investment. That’s what has happened to some people who’ve taken advantage of IRS rules that allow them to convert a regular IRA or 401(k) …

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Permanent link to this article: http://www.easttexasreview.com/how-to-undo-a-roth-ira-conversion/

Nov 30 2011

Deadline nears

By Jason Alderman Reaching your 70th birthday is cause for celebration. But thanks to our quirky tax code, a potentially more important milestone arrives six months later. IRS rules say that you must begin taking required minimum distributions (RMDs) from your IRAs and other tax-deferred retirement accounts beginning in the year you reach age 70 …

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Permanent link to this article: http://www.easttexasreview.com/deadline-nears/

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