November 30, 2009, Deadline:As you may already know, this year, due to all of the market turmoil, your annual Required Minimum Distribution (RMD) from your retirement account was waived by congress. This includes your IRAs and defined contribution plans (including 401(k)s). If you have already received your RMD from your plan for 2009 and don?t need the funds, the law allows you to re-contribute your distribution to an IRA or other retirement plan. The IRS has recently issued a notice that gives recipients until the later of 11/30/09 or 60 days after the date of your distribution is received to roll over your distribution. Your specific plan may require a plan amendment to stop or continue your 2009 RMD. If you are unsure how this works you are welcome to call our office to discuss with one of our CPA?s. We can also ensure you are complying with your plan requirements, and are taking advantage of the current year tax opportunities as they fit your individual needs. We are always happy to discuss how your money is invested and make sure that your specific cash flow needs are being addressed. Is your exposure to the market appropriate for your cash flow needs? Or, does your personal risk tolerance make you comfortable heading into the new year? December 1, 2009, Deadline:A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Don?t delay, your purchase must be complete, you must have closed and moved into your home before December 1, 2009. Owning a home also has other tax advantages, namely the possibility of being able to deduct other expenses (e.g., medical, charitable, miscellaneous itemized deductions) you couldn't claim before, in addition to the mortgage interest and real estate taxes. Like all government incentives, certain rules and restrictions apply. We are available to help you navigate these rules. This could be a time when you help a loved one that is qualified for this tax credit make a home purchase and potentially maximize this credit. Please contact our office if you would like to learn more! |
