by Renu Vardhan | Aug 6, 2010 | Retirement Plans, Tax, Tax Penalties
Considering the current economic conditions, most of us are turning to our retirement funds for financial needs. However, we need to be aware of the tax consequences that may follow with such distributions.Since the contributions to these plans are made from our...
by Renu Vardhan | Jul 2, 2009 | Finance, Tax
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home.In May 2009 FHA ruled that state Housing Finance Agencies and certain non-profits can “monetize” up to the full amount of the...
by Renu Vardhan | Jan 6, 2009 | Tax
Normally a person can give up to the annual exclusion amount $13000 for 2009 to a person, every year ($ 26000 in 2009 if spouses joins in for the gift) without facing any gift taxes and note that such amounts do not count as part of your $1,000,000 lifetime...
by Renu Vardhan | Jan 6, 2009 | Tax
Effective January 1, 2009, regardless of the tax year, the due dates for declarations of estimated tax and the due dates for payments of estimated tax will be one day earlier than previously required. This change will require declarations and payments of estimated tax...
by Renu Vardhan | Dec 29, 2008 | Tax
IRS Offers Tips for Year-End Donations via IR-2008-138.Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.Special Charitable Contributions for Certain IRA Owners-An...
by Renu Vardhan | Aug 28, 2008 | Tax
Due to severe storms and flooding on Aug. 18, the federal government has declared Brevard, Hendry, Okeechobee, St. Lucie and Volusia counties in Florida as presidential disaster areas that qualify for Individual Assistance.As a result, the IRS is postponing until Nov....
