Posts Tagged ‘irs’
Tax Planning Letter
February 24th, 2010Tax Planning Letter
Question: Is contribution to a Roth IRA for tax year 2008 tax deductible?
While filing out the tax form I noticed that for explanation for Line 51 (Retirement Savings Contributions Credit (Saver’s Credit) on Form 1040 says “you may be able to take this credit if you or your spouse if filing jointly, make a) contributions to a traditional or Roth IRA
This is the part where I got confused. I thought that Roth IRA is not tax deductible but under letter “a” it says “traditional” OR Roth, which makes me wonder if the rule changed for tax year 2008 (one of Obama’s plans)?
Can someone explain this to me? Thanks!
Answer: The Roth is not tax deductible.
The Retirement Savings Contributions Credit (Saver's Credit) is a separate credit, if you qualify, that is not connected to the deductiblity of your IRA, 401(k), 403(b), etc.
Membership Letter Video
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Posted in Tax Planning | 
Tags: Business, estate_and_gift_tax, irs, mail, qtip, tax planning letter 2009, tax planning letters | 
No Comments »Year End Tax Planning Tips
December 6th, 2009Year End Tax Planning Tips
Question: How can I get back on track (get healthy)?
I’ve been run down now for about 4 – 5 months. I’m a second year law student who at the end of my first year – this past May – burned out. I started working at a large firm this past summer and was extremely stressed out every day. I also started a new relationship this summer, and while wonderful in many ways, it is also very taxing on my energy reserves. I used to work out daily but I no longer do. It’s been about a year since I’ve had a consistent workout schedule and “healthish” diet. I’ve gained 20 lbs. in the past year. Can you can give me some tips on getting my health/life back on track? Also, if you have a detailed plan, could you tell how long it will be before I feel better.
Thank you so much!!
Answer: maybe if you see a nutritionist i heard that is a good idea! i know someone that did that and they lost all kinds of weight the healthy way! good luck!=)
Tax Tips: Year-End Tax Tips (ASL, Captions & Voice Over) - December 09
Posted in Tax Planning | Tags: 2009 year end tax planning tips, Business, irs, planning, tax, Taxes | No Comments »Tax Planning Self Employed
November 12th, 2009Tax Planning Self Employed
Question: Can anyone tell me whether it is possible to have two jobs, one payroll, one self employed?
I am currently working part time 15h a week, on the cards, and want to do some freelance work too to boost my income. Can anyone advise me how I go about this with the tax office etc? I only plan to work an extra 15h a week, but this could increase. Ta!
Answer: Depending on your income but if you pay basic rate on your freelance then you may overpay but you can rest easy they wont be chasing you plus if you overpay you will get a rebate
Good Luck
Tax Tips: Year-End Tax Tips December 2009
Deduct It! Deduct It!
July 23rd, 2009
Deduct It! Deduct It! For Tax Year 2008
Deduct It! Deduct It! is updated each year to document your non-cash charitable donations for use on your individual tax return (Form 1040 Schedule A). Fair Market Values are researched across the country in used clothing stores, thrift shops, online, and other methods. Our program meets all IRS regulations and is designed for you to document your donations as you’re boxing them up. All you may need is a calculator at year-end to add up your tax savings!
About the Author
Bert Whitehead, MBA, JD is a fee-only personal financial advisor and tax attorney. He began his career in 1972, pioneering the Cambridge system, a holistic approach that helps everyday people manage their financial lives. His firm specializes in individual tax returns and we’ve utilized their extensive knowledge in the U.S. tax law in the development of this book. Carol Johnson, RP(sm) is the Operations Director of Bert’s tax practice and is a Registered (financial) Paraplanner through the College of Financial Planning. She holds several certificates in ISO and Six Sigma, and is the development, research, and detail person behind Deduct It! Deduct It!
Posted in IRS Tax Deductible Charitable Donations, Tax Deductible Charities, Tax Deductible Donations, Value of Clothing Donations, Value of Donations | Tags: charitable contributions, charitable donations, charitable donations irs rules, Deduct, deduct donations, deduct it, deducting, Donations, donations meeting irs regulations, fair market value, fee only, financial advisor, financial lives, holistic approach, irs, irs rules, meet all irs regulations, methods, online, personal financial advisor, save on taxes, tax advisor, tax advisors, tax attorney, tax deductions, tax deductions of charitable contributions, tax deductions of donations, tax deductions valuation, tax savings, thrift shops, thrift stores, used clothing stores, used items | No Comments »Charitable Giving Tax Deductions
June 13th, 2009Charitable Giving Tax Deductions
Question: Why doesn’t Obama send a few thousand of his millions to his aunt in Boston & brother in a Nairobi hut?
Obama has accused those who don’t want their taxes to go up in order to spread their wealth according to Obama’s plan as “selfish” yet his released tax returned show very little in charitable deductions. His aunt is poor & here illegally and his brother is impoverished in Africa.
Where is Obama’s generostiy?
There are many ways to give, not just via taxes through the government. In fact, many Americans would rather give money or items to where they can see how it’s used instead of higher taxes going for more government waste.
Answer: Because he doesn't give a *** about anyone but himself.
Obama on Charitable Deductions