Last Minute Strategies For Year-end Tax Savings

  • December 3, 2009

2009 is quickly coming to a close but there is still time to possibly maximize your federal tax savings for the year. Many year-end tax planning techniques can help you save money. Because of the recession, some of the year-end strategies take on added urgency for individuals affected by a job loss or a reduction in income.

401(k) Plan Sponsor Newsletter-Third Quarter 2009

  • November 19, 2009

Here is the Oppenheimer & Co. Third Quarter 2009 Plan Sponsor Newsletter. The topics include:

Opportunities And Challenges Presented by 2009 Roth IRA Rollovers

  • November 4, 2009

There is an interesting new rollover opportunity that's coming up in a few months. After 2009, you will be able to roll over amounts in qualified employer sponsored retirement plan accounts, such as 401(k)s and profit sharing plans, and regular IRAs, into Roth IRAs, regardless of your adjusted gross income (AGI). Currently, individuals with more than $100,000 of adjusted gross income as specially modified are barred from making such rollovers.

Revenue Raisers Vex Lawmakers As They Debate Health Care Reform

  • November 2, 2009

Negotiations for comprehensive health care reform are moving into high gear on Capitol Hill. One of the most difficult questions for lawmakers is how to pay for health care reform. Every proposed revenue raiser (aka, tax increase) has generated controversy and it is unclear which ones will make their way into a final bill.

How Do I? Net Capital Gains And Losses For Year-End Tax Planning?

  • November 2, 2009

In order to effectively plan your investment transactions, you have to understand how, under federal tax law, you need to net or "offset" capital gains and losses that you experience. Netting your capital gains and losses can help achieve lucrative tax savings benefits and should be part of your year end tax strategy if you sell capital assets that result in gains and losses in 2009.

FAQ: Can I Prepay Mortgage Interest And Taxes To Maximize 2009 Deductions?

  • November 2, 2009

If you own a home, the interest you pay on your home mortgage may be one of your most valuable tax breaks available each year. The home mortgage interest deduction is a particularly important tax break in the early years of a home loan, when most of a homeowner's payments each month go toward interest. In addition to home mortgage interest, two other valuable home-related deductions include the "points" (also known as loan origination fees or loan charges) associated the loan as well as your property taxes.

Businesses Should Consider Asset Purchases Before 2009 Tax Incentives End

  • November 2, 2009

As the economic downturn took a toll on businesses, small and large, Congress reacted with legislation aimed at stimulating business investment. The Economic Stimulus Act of 2008, Emergency Economic Stabilization Act of 2008, and American Recovery and Reinvestment Act of 2009 all provide tax incentives for businesses, including additional 50 percent bonus depreciation, higher limits for first-year expensing, and shorter recovery periods for asset depreciation.

Pending Legislation Complicates Year-End Tax Planning

  • November 2, 2009

As 2009 comes to a close, it's a good time to review your year-end tax planning strategies. Many traditional strategies are still effective for this year but you need to keep in mind the impact of pending federal legislation. Congress is debating health care reform, a possible second stimulus bill, extending many temporary tax breaks, and more.

Legislative Watch-House Bill Would Stave Off Estate Tax Repeal

  • October 26, 2009

A move is underway in Congress to stave off the sunset of the estate tax in 2010 and prevent a wholesale revision of the transfer tax rules in 2011.