Now that a new year is underway, it’s time to start thinking about taxes, and what you can expect for 2013. Investors have some new taxes to think about — at least those investors who are considered “rich” have more investment taxes to think about.
Need Another Tax Deduction for 2012? Consider an IRA or HSA Contribution
Every year, I make an appointment with my accountant early enough in the tax season to leave room for an additional contribution to my Health Savings Account — just in case it would help my tax situation.
Is It Possible You’re Saving Too Much For Retirement?
In a recent discussion with my accountant, we talked about my family’s retirement accounts and long-term investing goals. We both came to the conclusion we should focus on adding more to our taxable investments. We already have a sizable nest egg in retirement accounts.
The Fiscal Cliff Tax Deal and You
After much wrangling and posturing and hand-wringing, a tax deal has been agreed to in the “fiscal cliff” saga. While the issue of what spending cuts should be made to the budget has been put off for a couple of months, the tax situation is a little bit clearer — just in time for you [...]
Retirement Contribution Limits for 2013
As is the case every year, the new year will bring a host of changes for retirement plan contributions in 2013. Virtually all retirement plans–employer sponsored and self-employment plans–will be affected. With inflation being on the low end of the scale, the changes in contribution and income limits will be only moderate at best.
The Cashflow Quadrant – Why The Rich Get Richer
Robert Kiyosaki’s books have a lot of junk in them. As I’ve mentioned in my review of Rich Dad Poor Dad, his books are thought provoking and go against the grain of many other personal finance “gurus”, but they contain a lot of fluff. The signal to noise ratio in his books are pretty high. [...]
How Obamacare Will Affect Investing
Last week Obamacare (formally known as the Patient Protection and Affordable Care Act – PPACA for short) was deemed legal by the U.S. Supreme Court. Without question, it is the law of the land, and as investors or entrepreneurs we should prepare for its ramifications. The roll out of this law will happen, and there’s [...]
How the IRS Views You: Home Business or Hobby?
Many budding entrepreneurs are interested in the ability to take a tax deduction for expenses related to home business activities. Even hobbyists can claim deductions on their tax returns. However, it’s important to realize that the IRS recognizes a difference between a home business and a hobby. You need to know the difference as well, [...]
Tax Efficient Investing – Do You Need Everything in a Tax-Advantaged Account?
This post is in continuation of the recent post Tax Efficient Investing. When it comes to investing, it’s a good idea to consider the tax consequences of your decisions. Without a plan in place, you could end up paying more tax than you really need to. While I don’t advocate avoiding taxes, I do think [...]
Tax Efficient Investing
Updated and expanded for 2013. It’s no surprise that taxes are going up next year. How much? No one really knows exactly, but worse case, Bush’s 2001 and 2003 tax cuts will completely disappear. If Congress does not act, the Bush tax cuts expire at the end of this year. 2013 has been rightfully called taxmageddon.
