iras: Could You Benefit From the Savers Tax Credit? - 09/29/11 07:30 AM
In a tough economy, it's even harder to save money. It's tempting to reduce your 401(k) contributions or to dip into a "rainy day fund" to cover basic expenses. If you and your family need incentives to save, check out Eva Rosenberg's post today on the Equifax personal finance blog. There, Eva outlines the IRS' saver's tax credit, a tax break up to $1,000 for individuals and families. The credit is designed to help people who aren't making the big bucks (under $27,750 for an individual, under $55,000 for married couples filing jointly) but who still contribute to their IRAs or … (4 comments)

iras: Maximize Your IRA Benefits With An Inherited IRA - 12/14/10 12:37 AM
Whenever people start to talk about IRAs and estate planning, you can almost see the numbness come over an audience. I can understand why confronting your own mortality comes well behind the name of the latest contestant to be kicked off Dancing with the Stars on the interest scale.But one aspect of IRAs is genuinely exciting, because it permits you to take a humdrum, modest IRA and turn it into a huge windfall for your heirs. It’s very easy to achieve this goal. Just leave an IRA to a beneficiary of your choice.This advice comes from Dan Solin, author of The Smartest … (2 comments)

iras: Are You Optimizing Your Retirement Contributions? - 10/27/10 03:07 AM
There are two things we can be sure of in our old age: First, that Social Security won't be able to support us when we retire, and second, that most Americans are living longer than ever before. My fellow Equifax blogger, the "Tax Mama" Eva Rosenberg, shares her strategies for making sure your retirement is financially secure: Let's start with a few definitions.
 Deferred-Tax and After-Tax Contributions
Deferred-tax contributions reduce your current taxable income. You don’t pay any IRS or state income taxes on those contributions, or on the earnings in these accounts. You will pay taxes later, when you … (0 comments)

iras: Five Simple Rules for Protecting Your Retirement Savings - 06/22/10 04:23 AM

Here are five simple rules from my friend Dan Solin for protecting your retirement savings from the Equifax Personal Finance Blog.
It's great that you're saving for retirement. However, you can undo all the good by making a single bad decision with these accounts, costing you dearly in taxes and penalties. Fortunately, it's easy to protect your retirement savings by following these five simple rules.
Follow these rules, and you'll avoid making some bad retirement mistakes:
Rule #1: Don't make early withdrawals from a 401(k) or traditional IRA. Money you take from your 401(k) plan or a traditional IRA … (2 comments)

iras: New Tax Forms from the IRS - 02/16/09 08:08 AM
The IRS has published the 2008 versions of some important Tax Publications:
 
Publication 523 Selling Your House  
Publication 544 Sale of Rental Property  
Publication 946 How to Depreciate Property  
Publication 4681 Cancelled Debts, Foreclosures, Repossions and Abandonments  
Publication 527 Residential Rental Property  
Publication 590 IRAs Go to the www.irs.gov website and type in the publication number you're want in the search engine. MAKE SURE YOU OR YOUR CLIENTS ARE AWARE OF THESE CHANGES!
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Ilyce Glink, Best-selling author, award-winning TV/radio host. (Think Glink Media)

Ilyce Glink

Best-selling author, award-winning TV/radio host.

Chicago, IL

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