Tax Carnival Ecstasy – March 28, 2013
Welcome to the March 28, 2013 edition of Tax Carnival Ecstasy. In this edition we start out with an article from Bill Smith on the recent fight between H&R Block and TurboTax over the advertisements that Intuit has been running about part-time tax preparers. We also have a great article John Schmoll from Frugal Rules on why financial adviser compensation is an issue when selecting a professional to invest your money. Hope that you like all the articles, share on Facebook, tweet, bookmark, and come back real quickly.
Thanks to a new tax amnesty program, Kettering Ohio has brought in more than $163,000 in the first five weeks since the program was kicked off. This program has allowed eighty-nine people to pay their income taxes and interest without having to pay tax penalties that would normally apply. This program will continue running until December 14.
By using this program, the tax payers did not have to pay $53,000 in penalties. These penalties have been waived by the city. This program was started before a mandatory tax filing of 2012 returns, which must be filed by April 15, 2013.… Read more at 2009 Tax.
August was a time of civil unrest in cities including Manchester, Salford, Liverpool, Nottingham and Birmingham, with shops being looted and set ablaze. Victims of the riots sadly face a tough financial crisis as they try to restore the damage to their businesses and properties while at the same time trying to recover loss of earnings and stock.
The Head of Media at British Retail Consortium had expressed concern that all the damages to shops and homes caused by the rioting and looting could hit the £1 million mark. It’s feared that many will no longer want to trade again … Read more at 2009 Tax.
IRA conversions are basically where you change the classification of your account from an IRA classification as a Traditional Individual Retirement Account over to a Roth IRA. Back in 2010 the government changed the rules to allow investors to move over to Roth IRA’s from their Traditional IRA’s irrespective of the amount of money that they earned. Before 2010 people were only able to invest in Roth IRA’s if their MAGI (modified adjusted gross income) went below a certain level. One example was married couples whose combined income exceeded $179,000 – previously they would not have been allowed to … Read more at 2009 Tax.
Preparing for your retirement years can be a frustrating task if you consider how mediocre the returns are of your retirement investments can be. If that’s the case with you right now, it’s time for you to look for ways how to generate the best Roth IRA rates of return that can ensure well-off retirement years for you.
One basic thing to consider is that the better your assets are performing in the market, the higher the returns are, the more beneficial for your IRA account. To make it easier for you, seek the advice of an expert who will … Read more at 2009 Tax.
Perhaps the simplest of all financial misunderstandings is the idea that inflation is a “static” concept that exists in the same way for all markets and regions. This isn’t true. For example, just because a national inflation rate is reported at, say, 5%, doesn’t mean that every market and every region of the nation is experiencing 5% inflation.
Part of the nation could be experiencing 10% inflation, while other regions could be experiencing just 3%. Some markets could be seeing prices go down (like the real estate market) while other markets could be experiencing extreme inflation, like the silver and … Read more at 2009 Tax.keep looking »