If you find investment a worthwhile goal of life, start soon and start with basics. IRA, an saving account, loaded with tax incentives, is the best way to get a head start. I will use a story below to illustrate how it help you to go a long way. Humble Beginning You start with budgeting in order ...
Investment is a lifestyle for those who enjoy the thrill of discovering values. IRA is a perfect platform to start such adventure. It is an account with simple requirements to open, flexibility in investment choices, and the tax incentives for faster growth. Simple as it is, however, there are many angles of IRA that are ...
My other post explains how the gift annual exclusion works. What happens if your gift, such as a car, which has a value higher than $13,000 exclusion (2009)? Does it make it taxable gift? The answer is yes, but… It is taxable but you don’t necessarily owe any tax. Each person is entitle to a $1 ...
Estate tax is a total different kind of animal as opposed to the income tax. It is a tax on wealth transfer, so the tax is calculated on your total wealth. In 2009, if your total wealth is higher than $3.5 million, you will pay 45% tax on the excess over this the $3.5 exemption. ...
We are already in the last quarter of 2009. At the beginning of the year, congress passed the American Recovery and Reinvestment Act to boost the economy, which gives a lot of tax goodies. It is time to take a quick look so that we won’t miss them before it is too late. Some of ...
There are many questions on the FBAR specifics, such that what financial accounts we need to report. IRS literatures are not easy reads. Here is a quick list reference. FBAR: Financial Bank Account Reporting Forms: TD FR 90-22.1; file annually Due Date: June 30 of following year 2009 Amnesty Program One time program for ...