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Retirement Planning: Scared or Prepared? By David N. Chazin In conjunction with Sagemark Consulting, a division of Lincoln Financial Advisors, a registered investment advisor. Mr. Chazin is a regular contributor to PlannerConnect. If you are planning on winning the lottery, don't bother reading this. For the rest of you, however, it is never too early to begin planning for a comfortable retirement. Given the new economic realities of retirement planning, building up a nest egg is a top priority. No longer can you rely on the government or employer-provided pensions to carry you through your retirement years. The long-term viability of the Social Security system is uncertain, given the crush of aging...

Every year, the IRS issues a list of the top tax scams the agency is seeing. Known as the "dirty dozen", here are some highlights of the 2007 list. 1. Telephone Tax Refund - This one has the IRS hot and bothered. For the first time in recent memory, the IRS has started launching audits before the tax filing season has even ended! Why? The telephone tax refund is being abused. The refund is the result of court rulings that a long-distance phone tax was being collected illegally. The IRS is allowing recovery of this tax for the past three years, but people are claiming outrageous numbers. If you do this, beware there is an extremely high chance the IRS will be auditing you. 2. Phishing - The IRS is...

The state of California is known for its high prices. The cost of living in general is much higher than the cost of living in many other locations. California also requires relatively high levels of auto insurance coverage to be carried, resulting in extremely high insurance premiums. While car insurance rates will always be higher in California than in many other areas, a bit of persistence can result in a significant savings. If you are looking for car insurance in California, be sure to look for and follow general money-saving suggestions on the internet and in consumer magazines. Be sure to shop around carefully as well, as insurance rates may vary immensely from one provider to the next...

HSAs have a "triple" tax advantage from a federal tax standpoint. Individuals receive full tax advantages for HSAs on their Federal Income Tax return (or through a salary reduction program in certain employer-sponsored settings) regardless of particular state's tax treatment of HSAs. An account beneficiary may take an above-the-line deduction (i.e. the amounts may be used to determine the individual's adjusted gross income before any itemized or standard deductions are considered) for contributions made to an HSA during any month of the individual's taxable year that the individual is eligible. The permitted deduction cannot exceed the sum of the "monthly limitations" for such months. In 2006...

When investing in annuities, you have a few choices. Fixed rate and variable rate options allow you to determine the level of risk you can handle when trying to save for your retirement. A fixed rate annuity is considered to be a low risk investment because you earn the same rate of interest each year. Your money will accumulate a certain amount of interest for as long as you pay the monthly premium. When you are ready to retire, you can close the account and collect your money. Remember, you have to pay taxes on the interest you have earned. A variable rate annuity involves a little more risk because you will have options as to the way you want the money to be invested. Depending on the movement of...

Callers and prospective clients often ask me, "Would you put your mother in an Option ARM?" I used to point out that my mother made two mortgage payments a month on a 15 year mortgage and paid it off in 10, because she knew she was going to live in her house forever. But when it came time to cash out to make some major home improvements on her beautiful old Tudor, we selected an Option ARM. A very different kind of Option ARM. Many of you have read our articles about the Hybrid Option ARM or Fixed Option ARM mortgage. The phones at both East and West Coast offices have been ringing so much that the owner of the company is even fielding calls from customers on his personal number due to all the...

Should you operate your small business as a Limited Liability Company (LLC) or as an S corporation? Ever since LLCs were permitted a few years ago, many new businesses have been told that it as a preferred choice. However, if you own a small business, you will probably find that setting yourself up as an S corporation is the way to go. Here's why: First, this choice will probably save you Social Security and Medicare taxes. In your S corporation, you can pay yourself a salary and issue yourself a W-2 at the end of the year. Only the amount on your W-2 will be subject to these taxes. Other profits, even if they are distributed, remain exempt. Since there is no limit on the amount of earnings that...

How much better can they get? That's what we asked ourselves about the leading tax preparation software packages this year, given the depth and approachability we saw in the category last year. But indeed they've managed to improve, incrementally at least, delivering plain-English help on a broader range of topics and offering live advice for users with questions. As in the past, these packages provide the tools you need to complete federal and state tax returns, doing all of the calculations required and nudging you to lay out all of your income and deductions. If that sounds pretty basic, it's anything but. Software companies have bent over backwards to ensure that your path through the 1040ez is...

The month of April rolls around and most of America is getting ready to prepare their income tax returns. Every year everyone who made an income are required to report income to the federal and state governments by filing an income tax return. Taxpayers must file two separate income tax returns. One income tax return goes to the federal government and the other goes to the state government that the taxpayer lives in. Most of taxpaying Americans are able to fill out a Form 1040A: U.S. Individual Income Tax Return. People that do not have any children or qualified dependents are able to file a federal 1040EZ form. This form is also known as the Income Tax Return for Single and Joint Filers With No...

For example, in recent years the IRS has increased its filing of levies, liens and wage garnishments. In fact, in 2004 alone, approximately 2.5 million levies were filed. The experts at JK Harris & Co., one of the nation's largest tax resolution firms, offer this list of common ways people get into trouble with the IRS. 1. Filing too many exemptions. An exemption gives you a major tax deduction, and some taxpayers can't resist the temptation to report more exemptions than they're entitled. You can only claim exemptions for yourself, a spouse and for all "dependents." Dependents have to meet specific criteria, however, so make sure you follow the IRS guidelines so that you don't mistakenly file an...

Clint Eastwood playing "Dirty Harry" warns, "A man's got to know his limitations." This advice is particularly appropriate for financial planners and advisors who are giving advice beyond their expertise. Though I am biased because I have over 27 years of technical expertise in the IRA and retirement plan area, the lack of knowledge in this area can cost clients hundreds of thousands or even millions of dollars. I have seen financial planners without an adequate background in IRAs and retirement plans, acting without advice from counsel or even advice from other experts in the financial planning area, make enormously costly mistakes. That is costly to the clients, not the advisor. IRA & Retirement...

As most small businesses are aware, a tax deduction can be taken for mileage incurred in normal business travel. In light of high gas prices, the IRS has upped the mileage rate. Major Increase Nothing is worse than sitting at the pump and watching the dollar figures tick over. In fact, I paid over $3.30 a gallon this morning in San Diego. What a way to start the week! Fortunately, the IRS is granting some relief. In 2004, the IRS set the standard mileage deduction rate at 40.5 cents per mile for 2005. Obviously, gas prices were just a bit lower in 2004. Apparently, employees at the IRS have noticed this and action is being taken. The IRS has announced the standard mileage rate is being increased...

If you have a timeshare, you know what a drain on your budget it can be. Even when you have it paid off, there are ongoing maintenance fees and other expenses to pay every year. Add to that the fact that you're usually locked into only visiting that one location, and it's a bad deal all around. If you've tried to get rid of a timeshare, you also know that it's nearly impossible; there is simply no market for them. A quick visit to eBay is all you need to see that you can buy pretty much whatever you want for just $.99. They are such a bad deal, that it's tough to sell them for that price even! If you can't get rid of your timeshare, consider donating it to charity. Visit to get rid of your...

As many know, winter weather can wreak havoc on an automobile, not only because of the harsh environment but because auto accidents are at an all time high during the wintry months. In addition to auto accidents, other outdoor activities such as snowboarding or skiing can also increase the risk of an accidental injury happening. Individuals must know the risks they are taking and how to reduce these risks to prevent personal injury from happening. It is not too surprising that the leading cause of death during severe winter weather is the result of motor vehicle accidents. However, by learning and adhering to safe winter driving practices, many accidents can be avoided in cold, wet, or snowy...

Introduction There are a number of different home loans in the world today and one of those types of home loan is what is known as a mortgage. Mortgages have been around for a very long time and will continue to be around for a very long time to come. There are a number of different reasons as to why the mortgages are so important in today's world and a few of the reasons for that are discussed in more detail below. History The history of the mortgage, first and foremost, is a history that shows a lot of people why mortgages are so respected in the world today. Before the advent of the mortgage as an agreement, there was no similar agreement in place and what that essentially meant was that the only...

With the advancement of computer technologies, taxpayers no longer have to leave their home to get advice on filing Federal and State tax returns. As the tax season approaches, many taxpayers are relying on online tax services to give them answers to all sorts of questions about taxes, and they know that the internet portal will also help them file the tax forms electronically and then deposit any refunds into a checking account where it can be withdrawn any time. Online tax services programs make filing tax forms a simpler process. The taxpayer is in control of the information that is entered into each section and the online forms are editable if errors are found before the forms are sent...

If you have an email account, and who doesn't, you are use to receiving scam emails. Well, here is one using the IRS name to watch out for over the next few months. Latest Email Scam Using IRS Name No matter how hot it is outside, nothing sends a chill down a person's back like the prospect of receiving a notice from the IRS. In truth, most of the notices these days are fairly bland, either an indication you owe a bit more in tax or are due a refund that you otherwise were unaware of. Regardless, most people will open such notices because nobody wants to blow off the IRS. That can only lead to trouble down the line. Email scam artist focus their efforts on trying to get gullible people to respond to...

With the increasing value of your home comes the increasing bill from your property taxes. Property tax collections have increased 35% from 2002 to 2006, according to U.S. Census Bureau data. With high property taxes pressuring the budgets of many homeowners, consumer backlash has been seen across the nation. At least 15 states currently have tax-cut proposals in the owrks, according to the National Taxpayers Union. If you have found that your property taxes have increased, you may be able to take action. Look closely at how your property was valued. The American Homeowners Association reports taht approximately 60% of homes are assessed too high. Look at your assessment to make sure that all the...

Did you know that you can sell a stock at a profit and pay next to nothing in capital gains tax? Or that you may not owe any tax on dividends you receive? It's true. The Tax Increase Prevention and Reconciliation Act (TIPRA), which was signed into law in early 2006, reduces capital gains and dividend tax rates even further down to 0% in some cases. Read on to find out more and how you can save money through proper planning. Capital gains tax must be paid when you sell an asset for a profit. For instance, if you buy a stock at $10 per share and sell it two years later for $15 per share, there is a $5 per share gain that is subject to tax. Most of us know that the maximum capital gains tax rate is 15...

The Pennsylvania State Agency that oversees the collection and reporting of State income taxes deducted from payroll checks is: Department of Revenue Bureau of Business Trust Fund Taxes Employer Tax Division Department 280904 Harrisburg, PA 17128-0904 (717) 783-1488 Pennsylvania does not have a state form to calculate state income tax withholding. Not all states allow salary reductions made under Section 125 cafeteria plans or 401(k) to be treated in the same manner as the IRS code allows. In Pennsylvania cafeteria plans are not taxable for income tax calculation if used to purchase health or life insurance; taxable for unemployment insurance purposes. 401(k) plan deferrals are taxable for income...

In Pennsylvania, only judicial or in court foreclosures are allowed. To move forward with an in court foreclosure, the bank must file a lawsuit in order to receive a court order to foreclose. When the court finds in favor of the bank, the property will then be scheduled for a sheriff's sale. The bank must send a notice of intent to foreclose to the home owner. This letter must be sent first class mail to the last known address of the homeowner. If this address is different then the home which the bank is preparing to sell to get its money, then the letter must be sent to that address in addition to the last known address. General practice is that this notice of intent to foreclose is not sent until...

The council tax, which was introduced in 1993 replacing the community charge, has more than doubled since 1997. This year in April it is due to a further four per cent rise, announced the Local Government Association on Thursday. The rise is likely to make it even more difficult for people to cope with their personal finances since also living costs are increasing with higher prices on food, fuel and homes, making it difficult for many to pay off debts and homeowner loans. By the same time as the LGA announced the rise, ministers said that it would not be justified. The local government minister John Healey even believed that the tax could instead be reduced if local authorities "cut some waste" in...

Auto Insurance provides protection to consumers by assuming certain risks and paying for financial loss. The type of auto insurance bought will depend on how the financial loss can occur. In Nevada, legal and financial responsibility is based on the law of negligence. A negligent act which causes damage is legally known as a Tort. Financial responsibility To make sure that innocent parties are respectively compensated for their injuries, Nevada auto insurance law requires that all registered owners of a motor vehicle have security for Tort liability arising from the use of their motor vehicles. Auto insurance in Nevada law requires that the insurance policy must at least provide coverage in the...

Every state in America has its own state lemon law to protect car owners from defective motor vehicles. The specifics of state lemon laws vary from state to state, but they all have the same purpose, and there are several areas of similarity. 1. State lemon laws begin with the explanation of a lemon. Specific conditions are listed that would determine whether a defective vehicle is actually a lemon or not. Typically, a lemon is any motor vehicle that has been purchased by the consumer, found to be substandard in some way, and has been repeatedly and unsuccessfully repaired. 2. State lemon laws allow car makers to try getting the vehicle to work again for a few times before officially considering a...

As Virtual Assistants (VAs), we focus on providing small business owners and solo entrepreneurs with expert administrative support as an alternative to them hiring temporary or part-time employees. The benefits of working with VAs for these businesses are many and are much more than simply a matter of cost. But, doesn't this also hold true for larger companies? Since starting my Virtual Assistance practice, and after 24 years in corporate America, I keep coming back to the question: Why doesn't Virtual Assistance also work for larger corporations? I don't have an answer to that question, but I have come up with several reasons for large companies to take a serious look at how Virtual Assistance...

If you are interested in buying Maryland real estate, you might want to consider your finances and seek counsel from financial advisers. Though the state is a great place to settle in with a bustling business district and good life standards, there are certain issues about Maryland real estate that you must know. The issues are not as bad as property fraud, but they could wreck havoc in your finances. But if you have high income and can afford a high-priced property, then, you are most welcome in Maryland. Maryland real estate prices are continuously rising prompting realty analysts to conclude that housing will be less affordable to Maryland families and others planning to settle in the state...

When renting out property, there are many different laws that apply to how you manage that property and your tenats. Many of these laws vary from state to state, although they are often very similar. Here are some common questions and answers, specific to California, that you may have as a Landlord. Under What Circumstances Can a Landlord Utilize a Tenant's Security Deposit? The security deposit, determined at the time the unit is rented, may be utilized for several different circumstances. The funds can be utilized to compensate for rent which remains unpaid; damages to the property caused by the tenant may be covered with the deposit money, as long as it does not include ordinary wear and tear...