Tapping into your IRA early is a tough decision, even if you feel you have no alternative. One reason is the 10% penalty put in place to keep you from using retirement funds prematurely. (more…)
May, 2011
Current Year Estimated Income Tax Due – Second Installment
Date: 2011-06-15
- Corporate Income/Franchise: Second installment of current year estimated income tax due from calendar-year corporations (Form 1120-W) – Individual Income: Second installment of current year estimated tax by individuals, other than farmers or fisherman due (Form 1040-ES)
How To Get Hold Of Cash Quickly
“Liquidity” was a term little known to the non-financial world until two years ago when the Global Financial Crisis sucked the liquidity out of the world’s money markets. (more…)
What You Need To Know About Private Mortgage Insurance
What you need to know about private mortgage insurance
If you’re in the market for a home, you’ve probably heard of private mortgage insurance or PMI. It’s insurance that protects lenders — not borrowers — if the mortgage goes into default. Lenders generally require PMI if you’re unwilling or unable to make a down payment of at least 20% of the home’s purchase price. Depending on your credit history, your income, the size of your mortgage and other factors, PMI can run from $50 to several hundred dollars a month. After building up equity in your home (in technical terms, when your loan-to-value ratio drops below 80% of the original loan balance), your PMI policy can be cancelled. But building up that much equity, especially with a conventional long-term mortgage, can take a decade or longer. (more…)
IRS Increases Dollar Threshold For Tax Liens
What's New: IRS increases dollar threshold for tax liens
The IRS recently announced that it will moderate its use of tax liens to collect back taxes. A federal tax lien gives the IRS a claim on a delinquent taxpayer’s property for unpaid taxes. (more…)
New Law Repeals Expanded 1099 Reporting Rules
On April 14, 2011, President Obama signed legislation — the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011 — repealing expanded reporting rules for businesses and landlords that had been created by laws passed in 2010. (more…)
Tax Tip Tuesday! ROBS plans: Are They Too Good To Be True?
Acronyms are popular in tax lingo, and some are more accurate than others. The IRS thinks ROBS, a relatively recent short-hand term, fits into the “accurate” category — and that to avoid losing your retirement stash, you should be wary of potential pitfalls. (more…)
