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Wednesday, March 16, 2011

Withdrawing from an IRA (Individual Retirement Account) before Retirement

For the 2010 tax year, the due date for all contributions into an IRA account and withdrawals out of an IRA account is April 18, 2011.
There is a 6% excise tax on all contributions to an IRA account that are not withdrawn by April 18, 2011.
In addition, any withdrawal from an IRA account before the age of 59 ½ is included in that tax years gross income with an additional 10% tax penalty. There are exceptions to this penalty however, give me a call to discuss what those are.
Keep in mind the advantages of having an IRA:
-        Contributions to an IRA are fully or partially tax deductible
-        Amounts, earned and gained, in your IRA account are not taxed until you begin withdrawing
If you don’t have an IRA, you can start one, as long as:
-        You (or your spouse if you file as married, joint) received taxable income during the 2010 tax year and,
-        You are not 70 ½ by the end of the year
There are also many kinds of IRA’s. Often times your company provides an option. You can also open an IRA on your own, through a bank or your stock broker. There are simple IRA’s, Roth IRA’s, Individual Retirement Annuities, SEP (simplified employee pension), Retirement bonds, etc.
Saving for your future retirement is important. The laws, taxes, benefits and options can be overwhelming. I can help make the best decision for you, based on your income, lifestyle, circumstances and goals. 

For a free Financial Planning Consultation you may contact me by clicking here; Tax Planning Granada Hills or call: 818.368.5374.

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Tuesday, March 1, 2011

Do you need to file a Tax Return?

There are times when you do not need to file a tax return, due to a variety of reasons one of which being your income is below the filing requirement. It is always advised to file in the case that you will receive a refund, in many cases due to withheld income tax.
A few questions to ask yourself when determining whether or not you need to file:
-        Does anyone claim you as a dependent?
-        What is your filing status – single, married, widowed, etc?
-        Are you under or over the age of 65?
-        Is your gross income less than $9,350?
-        Will you owe social security and Medicare tax on tips you did not report to your employer?
-        Will you be subject to Alternative Minimum Tax (AMT)?
The IRS rules, exemptions and forms can be overwhelming. For most people the best way to make sure you filing properly is to meet with an accountant Granada Hills. I am licensed and trained to help you decipher confusing tax rules and code and help make sure you receive a refund or pay the least amount of taxes based on your individual situation.
Consider your situation and give me a call (818)368.5374. I am here to answer any questions or help you in the process of filing your 2010 tax return.

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