January 23, 2008 by admin.

With the deadlines approaching this article by Richard Chapo may be good to share with your business clients and associates. Keep informed on personal finance topics with the Attain Advisor Network site.

By Richard Chapo

January starts off with a blissful anticipation of a glorious new year. It quickly turns into a panic as you try to get your finances in order so you can issue 1099-MISC tax forms. Ah, but who do you have issue them to? Read the rest of this entry »

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January 23, 2008 by admin.

By Dennis EstradaThe private mortgage insurance allows the borrower to acquire a mortgage in which the down payment is less than twenty percent. The borrowers pay the private mortgage out of their pocket. Now, the private mortgage insurance is tax deductible for US residents. Read the rest of this entry »

Posted in Home Ownership, Taxes, Personal Finance | No Comments »

January 23, 2008 by admin.

By Mike Gifford

There is a new law for record keeping of charitable contributions. You must have a record of any cash contributions you made to a charity in 2007 in order to deduct the contribution. The record could be a canceled check or copy of a canceled check, a bank statement that shows the date, amount and name of the charity, or a letter from the charity showing the amount and date.

The earned income amount for the additional child tax credit has increased to $11,750. The earned income credit amount for one qualifying child has increased to $2,853. if you have more than one child the maximum earned income credit is $4,716 and $428 for no children. The maximum earned income amount has also increased to $39,783 if you are married and filing a joint tax return or $37,783 if you are single or filing separately with more than one child. If you have only one child, the maximum earned income amount is $35,241 if you are filing a joint return or $33,241 if you are single or filing separately. If you have no children the maximum amount is $35,241 for joint returns and $12,590 if you are single or filing separately. The amount of investment income that you are allowed to have and still receive the earned income credit has increased to $2,900.

The tax relief granted for victims of hurricane Katrina, Rita and Wilma has expired for the tax year 2007. Also, you cannot claim the qualified electric vehicle credit.

Your may qualify to deduct 10 percent of your mortgage insurance premiums for 2007. The new tax laws allow qualifying mortgage insurance premiums to be treated as mortgage interest on your Schedule A.

The maximum amount of taxable social security wages has increased to $97,500 under the new tax laws for 2007.

Deductible mileage has increased to 48.5 cents per mile for business related miles. The deductible mileage allowed for qualifying medical or moving related trips has increased to 20 cents per mile.
To make sure that you get the most out of the 2007 tax law changes you may want to consider using a qualified income tax preparer or having your income tax return prepared by an online income tax service.

Additional information of interest that was not included in the top 7 tax law changes applies to individuals and married filers of forms 1040, 1040A and 1040EZ. The standard deductions have been increased to $5,350 for single or married filing separately and $10,700 for married filing jointly. If you file as head of household (single with one or more dependents), the standard deduction is $7,850. If you are over the age of 65 or blind, you can add an additional $1,300 to your standard deduction and an additional $1,050 if you file a joint return and your spouse is also blind or over 65. If your itemized deductions are more than the standard deductions you will want to use the itemized deductions instead.

Hobbyist writer/web developer. See http://www.how2life.com

Article Source: http://EzineArticles.com/?expert=Mike_Gifford
http://EzineArticles.com/?Top-7-Tax-Law-Changes-For-2007&id=904344

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January 22, 2008 by admin.

Last week’s article in the AICPA newsletter hit a nerve with CPAs.  So much so that a follow own article was published this week.  Here is an excerpt:

We sure hit a hot issue with our recent survey on baby boomers and their plans for (or should we say dreams of) retirement.

Respondents agreed — or at least 92 percent of them did — that America’s boomers are not financially prepared for retirement. They’re saving too little. They’re convinced their retirement phase won’t last long (to put it nicely). And unless they start shoveling money into their IRAs and 401(k)s at a very aggressive clip, “retirement in the golden years” is going to look more like “working in the fading light of sunset.”

You can read the full article at cpa2biz.com.

You can keep informed about personal financial topics at www.attainadvisornetwork.net.  You can register to receive updates or contribute articles.  Registered users can also comment on the posts.  Join the discussion at www.attainadvisornetwork.net.

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January 14, 2008 by admin.

“Not since the advent of the pill have so many baby boomers been caught with their pants down.

So say the vast majority of CPAs (albeit, in other words) who see their clients as woefully unprepared for the financial rigors of retirement.”

So begins the article - Boomers Face Bleak Retirement. Based on the results of surveys of CPA’s made by the AICPA, this article paints a dismal future for most retirees. The first of the baby boomers filed for social security benefits this year marking the beginning of the Silver Tsunami.

How do your retirement plans stack up? Here are some frightening facts from the AICPA survey:

• 92% of Boomers are considered unprepared by their CPA
• 40% of Boomers better be ready to fund themselves for at least 26 years after they retire
• 53% say clients do not follow their financial plans.

The survey further indicated that while only 37% of CPA’s provide any savings and investment advice it is expected that over 80% will be offering services in the next 5 years. This comes not a moment too soon.

For assistance in evaluating your retirement future feel free to contact the author.

Posted in Personal Finance, Retirement Security | No Comments »

October 1, 2007 by admin.

Have you ever tried a budget in your family finances?  Do you cringe when you hear the word?  Do you fear losing your freedom?  Or does a budget make you feel good?  Can you see your money going where you want it to go and not where someone else wants it to go?  Once you recognize the worth of a family budget you will realize that it is an important tool in your quest to Attain Financial Independence.

A budget is useful because it allows you and your spouse to agree on where you want to spend your money.  A budget is a spending plan or cash flow plan.  It is not a weapon to be used by one spouse to control another.  If it is perverted in that manner you have bigger problems and should take a good look at your relationship. Read the rest of this entry »

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August 29, 2007 by admin.

I have just finished reading an article that got me to thinking. The discussion was about taking early withdrawals from IRA accounts. We have all been counseled not to take withdrawals before the age of 59 1/2 to avoid the 10% penalty that the Tax Code imposes on early withdrawals. However, we rarely are told about a provision that allows you to avoid the 10% penalty by taking Substantially Equal Periodic Payments over a period of at least 5 years or until you are 59 1/2. Read the rest of this entry »

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August 28, 2007 by admin.

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Are You On Track For Wealth Or Debt
By Patricia McGowan

These days you may feel uncertain about the economy and certain investments you have invested in which may not be giving expected returns. Are you worried about how prepared you are for retirement? Do you feel you will have to work well into your expected retirement years just to be able to afford the life you are comfortable living? Read the rest of this entry »

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August 28, 2007 by admin.

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By Wade Robins

A tax write off is the same thing as a tax deduction, and if you don’t know what expenses are legitimate deductions on your tax return, you won’t know what you can legitimately write off either. In the case of tax write offs, what you don’t know can be very painful indeed.

Tax write offs are taken by business owners and are items which in normal circumstances might not be allowable deductions but become so when the situation of a business changes.

Because the amount of taxes a business pays are based on the income it gets, a debt which not been paid, or receivables which never show up can be categorized as bad debts and written off. You have to declare any bad debts but do not have to include them when you calculate your income for your annual return. Read the rest of this entry »

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August 27, 2007 by admin.

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By Jane S Louise

“Make over $10,000 per month online with our business!” “Tested business opportunities online, guaranteed income!” “The others are all scams, but we are the only guaranteed business opportunity online!” “You can have all your dreams come true with our online business!” “We do 95-100% of the work!”

Heard any of these lines before? Read the rest of this entry »

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