by Renu Vardhan | Jul 30, 2010 | 2010 Credits/Deductions, Required Minimum Distribution(RMD), Retirement Plans, Tax Changes
Beginning in 2010, the rules for conversions of traditional IRA money to a Roth IRA are changing by eliminating the MAGI limitations and hence, making more investors eligible to convert their traditional IRAs to Roth IRAs. However, look before you leap….just...
by Renu Vardhan | Nov 27, 2008 | Tax Changes
Value of each personal and dependency exemption, available to most taxpayers, is $3,650, up $150 from 2008.The new standard deduction is $11,400 for married couples filing a joint return (up $500), $5,700 for singles and married individuals filing separately (up $250)...
by Renu Vardhan | Nov 12, 2008 | Tax Changes
Year 2008 has seen number of legislations such as the Economic Stimulus Act of 2008 (Stimulus Act), the Emergency Economic Stabilization Act of 2008 (H.R. 1424), Housing & Recovery Act all geared towards reviving and restoring the economy. There are several tax...
by Renu Vardhan | Nov 12, 2008 | Pension Plan Limits, Retirement Plans, Tax Changes
IRS has announced the 2009 Pension plan limits.Accordingly,401(k) or 403(b) Deferral Limit – $16,500 and Catch-Up Contribution Limit(Age 50 or older) – $5,500Simple IRA Account Deferral – $11,500 and Catch-Up Contribution Limit(Age 50 or older)...
by Renu Vardhan | Jan 25, 2008 | Tax Changes
Quick FactsA number of favorable provisions were extended for 2007-· The deduction for State Sales Taxes in lieu of State Income Taxes· The $250 deduction for teacher’s supplies· The deduction for Tuition and Fees for lower income taxpayersIncrease in credit and...
