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Pay yourself first! |
Wise advice from a client who retired at age 53:
" the first 10% of every paycheck is deposited into my retirement savings,
its my gift to me" |
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Your Social
Security Benefits at retirement |
Request a
statement of your summary of the estimated benefits you will receive
or use the
online calculators to estimate using different scenarios of your
future income.
Top |
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Who are the best stock
pickers? |
Rate analysts and professional stock-pickers
Top |
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Myths about Retirement Plans |
Some good points about what individuals should know about their
retirement plans (IRA, 401K, Pensions, etc).
Top |
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Can You Retire? |
Met Life Calculator that takes under two minutes
to help you determine if you have saved enough to retire
The Social Security website has a
payment calculator to help you determine when to start taking
Social Security Benefits. |
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My Accounting Portal.com |
Offers detailed financial guides for
retirement issues,
estate issues
Top |
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The Secrets of financial
Aid |
An article for parents with students
younger than 10th grade. Learn early what it takes to get
through college.
Top |
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Order your free credit reports |
There are three major
companies that are in the business of collecting and distributing
credit histories. Obtaining them directly from the source
shouldn't cost any more than ten dollars. You can order your reports
from:
Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; phone
800-685-1111
Experian, P.O. Box 2002,
Allen, TX 75013; phone 800-682-7654
Trans Union, P.O. Box 1000, Chester, PA 19022; phone
800-851-2674
Top |
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Relearn
the stock market |
Does the Stock Market give you
the willies? This game site gives you $10,000 of Fantasy money
to trade stocks listed on the New York, NASDAQ, and other US Stock
Exchanges.
Top |
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Mapping out your financial future |
AARP provides the ABC's of how to organize, set-up
and follow a financial plan. Easy reading for those not financially
savvy.
Top |
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Buy US Treasury Bonds Direct |
Avoid broker fees
Top |
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Roth IRAs |
Get all the facts in the Complete Guide to the
Roth. See our
limits chart
for the amount that may be contributed. Roth IRA
contributions may be made at any age even if over 70 1/5. Roth
IRA's are not tax deductible but the contribution and earnings may
be withdrawn tax free after age 59 1/2. You are eligible to
contribute to a Roth IRA if your Adjusted Gross Income (AGI) for
unmarried taxpayers is under $117,000 (2016),
($112,000 in 2013) and ($110,000 in 2012) (Phase out between
$117,000-$132,000- for tax year 2016, $112,000-$127,000 - for tax year 2013 and
$110,000- $125,000 for tax
year 2012) and for married taxpayers AGI
is under $184,000 in 2016 (phase out between $184,000 to $194,000),
$178,000 in 2013 (phase out between $178,000 to $188,000)
and
for 2012 AGI Under $173,000 (Phase out between
$173,000- $183,000) Married
taxpayers filing separate returns should check with their tax
preparer but the nuts and bolts basically disallow a Roth IRA
contribution.
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Traditional and nondeductible IRA's |
A Traditional IRA is the term for a regular IRA
available to those under age 70 1/2 who have earned income (i.e.,
job compensation). Earnings within the traditional IRA grow
tax-deferred until withdrawal. Withdrawals must begin, and will be
taxed, when the owner reaches age 70 1/2. If required distributions
are not taken at that age, a 50% penalty will be assessed on the
amount not taken.
2016
Contribution Limit to
Traditional IRA, nondeductible IRA, or Roth IRA.
$ 5,500 + over age 50 catch up ( 2016)
$ 1,000 IRA Catch up Deferral (over age 50)(2016)
Tax Deductions
for IRA's
-
A full deduction is available on your tax returns
if neither you nor your spouse is an active participant in an
employer sponsored plan.
- If your spouse participates in an employer
pension plan but you do not (even if you are a nonworking spouse),
a deduction is available up to the point where your joint tax
returns AGI is $184,000 . A phase out of the deduction begins at
$184,000 (2016), $178,000 (2013) and $173,000 (2012) and no deduction is available for AGI's over
$194,000 (2016),
$188,000
(2013) and $183,000(2012) .
(see our
limits chart
)
- For a
individual covered by an employer plan, the deduction
contribution begins to decrease (phase out) when modified adjusted
gross income reaches $61,000 and is fully phased out at $71,000:
Traditional IRA Deductions
Limits for Tax Year 2016
(2013, 2012)
If neither you nor your spouse participates
in a company retirement plan: |
| |
You can deduct 100% of your IRA
contribution |
| If you participate in a company retirement
plan: |
| Tax Filing Status |
Adjusted Gross Income |
You Can Deduct |
| Single |
Up to
$61,000 (2016)
Up to $59.000 (2013)
Up to $58,000 (2012) |
100% of your contribution |
$61,000 -
71,000 (2016)
$59,000 -
69,000 (2013)
$58,000 - 68,000 (2012) |
Less than $5,000 |
Over
$71,000 (2016)
Over $69,000 (2013)
Over $68,000 (2012) |
No deduction allowed |
| |
Adjusted Gross Income |
You Can Deduct |
| Married, filing jointly |
Up to
$98,000 (2016)
Up to $95,000 (2013) |
100% of your contribution |
$98,000 -
$118,000 (2016)
$95,000 - $115,000 (2013)
$92,000 - $112,000 (2012) |
Less than $5,000 |
Over
$118,000 (2016)
Over $115,000 (2013)
Over $112,000 (2012) |
No deduction allowed |
If your spouse participates in a company
retirement plan,
but you do not |
| |
Adjusted Gross Income |
You Can Deduct |
| |
Up to
$184,000 in 2016
Up to $178,000
in 2013
Up to $173,000 in 2012 |
100% of your contribution |
| |
$184,000 -
$194,000 in 2016
$178,000 - $188,000
in 2013
$173,000 - $183,000 in 2012 |
Less than $5,000 |
| |
Over
$194,000 (2016)
Over $188,000 (2013)
Over $183,000 (2012) |
No deduction allowed |
|
Read all about IRA rules in the IRS publication 590 which
may be downloaded free from
http://www.irs.gov/
Calculating your 1st REQUIRED distribution from
your IRA when you reach 70 1/2
- What year to start? The year you turn
70 years old PLUS 6 months.
Start your distribution in this year. The rules say you can
begin as late as April 1st in the year following age 70
PLUS 6 months BUT it is
not generally prudent to wait until 4/1 to take the first
distribution. If you wait until 4/1 to begin, you will still
need to take a 2nd distribution by December 31 of the same year
pushing you into a higher tax bracket.
- Determine your IRA balance. Add up all of
your IRAs into a single lump sum. Your first distribution is based
on your total IRA balances as of Dec. 31/ prior year (prior year
to the distribution)
- Look up your life expectancy on the IRS
Uniform Lifetime Table (Joint Life expectancy table if your spouse
is 10 years younger than you) based on the age that you turn
on your birthday during the first distribution year. " If your
birthday falls between July & December, you will reach age 71 in
the year you reach 70 PLUS 6
months. If your birthday falls between Jan -
June, you will reach age 70 in the year you reach 70
PLUS 6 months.
- Divide the account balance you figured in
step 2, by your life expectancy value you looked up in step
3. The result is the amount of money you must withdraw from your
IRA (S) by the date determined in step 1. If you have
multiple IRAs, you can take the distribution from any one of them,
or from a combination.
IRA common
mistakes - do your
housekeeping to avoid penalties and high taxes .
Top |
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Keep this information on your 401k and IRA documents and discard the
rest when it no longer becomes useful to you. |
Keep those
statements that show your contributions and withdrawals to/from a
401K or an IRA and throw out the rest when they are no longer useful
in helping you manage your money. Most brokerages or funds provide a
year end statement summarizing activity (including your
contributions). Set up one separate folder to house the these year
end statements into so they do not get lost. Many taxpayers
will hand these year end statements over to your CPA to prepare your
tax return. Make a copy first and make sure they get bound into your
permanent folder. Keep any 8606 forms on which you reported nondeductible
contributions to traditional IRAs and bind them into this file as
well. When you begin withdrawing from a 401K or an IRA keep a
copy of the Form 1099-R with the year end statements and 8606 forms.
Then if there is ever a question regarding the taxability of the
funds, all the data is in one place!
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Find the best telephone rates |
Searches the web for the
best rates based on your current usage
Top |
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Internet access for
salesmen |
Pay as low as 4.5 cents per
minute for internet access using a toll free number. Do you pay for
dial-up service for your salesmen? $20 per month? Translate the 4.5
cents into the $20 and that equates to over 7.5 hours of service.
Use less, pay less ! Plus NO long distance call costs when your
employee's are traveling on business.
Top |
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Print coupons
|
Save on grocery & household
products. Just print those that interest you. Takes no time at
all
Top |
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The Original Tipping Page |
Tips on how much to tip for barbers, skycaps,
deliveries, children parties, just to name a few. Browse through the
site for recommended tips in other countries. |
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Free
E-Tips |
From Dummies.Com receive free tips via e-mail
on software you are learning, website design, or on health, pets,
garden, etc.
Top |
|
Dictionary |
YourDictionary.com provides
comprehensive products for language services on the web with
more than 1800 dictionaries with more than 250 languages.
Includes dictionaries on business, computing, finance & law and a
thesaurus
Top |
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National
Do Not Call Registry |
Most telemarketers cannot call your
telephone number if it is in the National Do Not Call
Registry. |
ECards
Funny
Music
( different!) |
Great
cards but pay attention to the windows asking if you want to receive
free newletters, info and the like
Top |
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US News e-learning |
Has a site devoted to E-Learning
Top |
Osher Lifelong Learning Institute
|
Opportunities to chat, discuss topics, listen to
lectures, and find additional resources. The shows will
be both televised live and broadcast over the Internet, and you will
be able to participate via e-mail or by calling in to ask the
experts questions.
Used to bring programming to anyone interested in learning in
retirement. |
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Enroll in a free
course |
Site not working for the past 2 weeks, but I'm
hoping it will come back, so I'm leaving it up for a bit.
Free education on the Internet. No diploma's
offered here, just knowledge you can take to the bank. Just
discovered today, in my search for interesting sites, I plan on
taking a course in HTML Wait a while and ask me my views.
Top |
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Download mp3 music |
All music types Top |
|
Do
it yourself network |
DIY answers the call for more how-to projects with
easy step-by-step directions
Top |
|
How stuff
works |
A website filled with lots of
tidbits that answer questions you have never formulated but are
nonetheless very interesting. The
Stuffatorium
is the place to come for cool, amazing products. Nowhere else will
you find such a fascinating assortment of such unbelievable stuff!
The Gadget archive should not be missed
Top |
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Nobodyhere.com |
Can't explain it.
Top |
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World Atlas |
Click anywhere on a globe and
you have instant access to country names, times, holidays etc.
Top |
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Dilbert.com |
Get a lift and visit for 5 minutes
Top |
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Gazettenet.com |
The last 14 days of Cathy,
Doonsebury and more.
Top |
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Movie Reviews |
Movie review query engine
searches the net for all reviewsTop |
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E-Book Downloads |
See if reading a book off the
net is for you.
Top |
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My accounting portal .com |
Family Credit
Buying, Selling, Mortgages
Top |
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What to do if you suspect someone has stolen your
identity: |
The FTC estimates there are nearly 10 million
cases of identity theft each year at a cost of $53 billion to
consumers and businesses.
If you're believe your personal information has been compromised,
experts offer these suggestions:
* Contact one of the three companies that track credit histories:
Equifax, (800) 525-6285; Experian, (888) 397-3742; and Trans Union,
(800) 680-7289 and flag your file with a fraud alert. The phone
systems are automated.
* Request and review your credit reports for accounts or activity
you don't recognize. Request reports every year.
* If you find questionable items on the report, call the credit
bureau to review the report. If the activity cannot be explained,
report the crime to local police and call creditors involved. |
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Divorce
Basics |
Smart Money.com - Property
settlement calculator, Deductible alimony calculator, articles on
splitting up the assets, business owners concerns. |
|
A-Z about
divorce |
Main Issues, divorce laws,
alimony, property, children, survival guide |
|
Academy of Matrimonial Lawyers |
To the point articles on the divorce process |
|
Divorce financial checklist |
What information your lawyer will need from you |
|
Is divorce mediation an option? |
Article with helpful information |
|
Divorce FAQ |
Answers based upon the state you live in |
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Child Custody
Child Custody:
Building Parenting Agreements that work
by
Mimi E. Lyster |
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|
Refund
Hotline
Get refund status at any time |
800-829-1954
http://www.irs.gov/individuals/index.html
Need SSN, filing status & refund amount
Top |
| Forms and Publications |
800-829-3676 or
list
of websites for state and federal forms
Top |
| Valuation Guide for Donated Items |
http://www.funwithtaxes.com/ValuationTable.htm
Top |
|
Change of address |
Notify the IRS of your move
Top |
| IRA |
See
pensions above. IRA's defined and the do's and
don'ts in the world of IRA's.
Top |
|
Tax tips |
Msn has easy to understand articles on tax saving
strategies
Top |
|
Tax
-business |
List of articles, publications, website for
business taxes
Top |
|
Tax tips |
Top ten overlooked deductions |
|
Charitable deductions |
Interesting court case about the deductibility of
charitable contributions
I just read this court case which denied a charitable deduction for
failure
to produce a contemporaneous receipt that describes the contribution
and
says there are no goods or services provided by done organization |
|
Business use of home
|
You may depreciate the portion used for business
or rental purposes. Since the tax law changed in
1997, if you qualify for excluding the gain on your personal
residence because you have met the ownership and use tests,
you also may exclude gain of the % allocated to
business/rent use from tax. It is not required to report
the sale of the business or rental part on Form 4797. This is true
whether or not depreciation deductions were taken.. However, you may
not exclude the part of any gain equal to any depreciation
deductions allowed or allowable after May 6, 1997. |
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Reverse mortgages |
A reverse mortgage is a loan against your home
that you do not have to pay back for as long as you live there. It
can be paid to you all at once, as a regular monthly advance, or at
times and in amounts that you choose. To qualify, you have to
be at least 62 and own your home. You retain the title and
continue to pay taxes, maintenance and repairs. When you sell
the house or die, the loan is paid off with the proceeds of the sale
of the house or with a new mortgage taken out by your heirs.
It cost money to take out a reverse mortgage including closing
costs, application fees and the interest, which builds throughout
the loan. If you do need the money to cover medical expenses
or to take a dream trip around the world, it can make sense. Talk
with your heirs first, though.
More articles
Top |
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CareGuide |
Read about everything from respite care to safe
bathroom design to whether you need an elder law attorney. Print out
the helpful checklists in the Living Alternatives section and take
them with you when you tour assisted living facilities, hospice
programs or adult day care in your area.
Top |
|
Carepathways |
One-stop shopping for eldercare products and
information. Ask sections allow you to post questions to experts
regarding long-term care, nursing home care and long-term care
insurance, from how to deal with bed sores to under which
circumstances Medicare will pay for an oxygen concentrator.
Top |
|
AARP |
The site has in-depth sections on health,
eldercare policy, money, computers and more
Top |
|
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|
Filing Insurance Claims |
This link provides common-sense guidelines about how the claim settlement process can work for you.
Do you have an written inventory of your household
effects? From carpet to clothing? Kept in a safe place off premises?
Don't delay, use the forms on pages 23-41 within the
disaster recover guide (pdf file- requires
adobe reader)
to speed your way through this critical task. (by the way,
this site takes a minute to load- so be patient) |
