Convert to a Roth IRA Before 2013 Tax Changes?

Carole C. Foos, CPA, and Jason Wainscott, JD Published: Thursday, December 6th 2012 If you have considered converting a traditional IRA to Roth IRA, now may be the perfect time. As you likely know by now, the Bush’s tax cuts are scheduled to expire at the end of 2012. Absent Congressional action, everyone will pay more taxes. Additionally, President Obama’s …

OTHER WAYS TO SAVE FOR RETIREMENT

Direct & indirect opportunities than don’t get enough ink.  – Reeve Besides periodic IRA contributions and elective salary deferrals into 401(k) and 403(b) plans, there are other ways to amass retirement savings, some of them often overlooked. Put tax refunds & tax savings to work. If you get a few hundred back from the IRS, that is not an insignificant …

20 days and counting- whats over the cliff for you?

Certainly, the most obvious change will be the reinstatement of full payroll taxes.  Your social security taxes from your paycheck will go from 4.2% back to their original 6.2%. However, the single biggest contributor to the “cliff” is the expiration of the Bush Tax Cuts.  If the Bush tax cuts expire as scheduled, in January… …Income taxes rise.  The Lowest …

WHY 2013 MAY BE A VERY GOOD YEAR

If the fiscal cliff is averted, stocks may have all kinds of reasons to rise. Presented by Reeve Conover What if the future is more bullish than the bears assume? With 2013 approaching, stock market volatility seems to have increased. Equities rise on optimistic remarks about a fiscal cliff solution, then fall when another voice expresses pessimism, and vice versa. …

Retirement Plan Accounts recover from recession

December 3, 2012 (PLANSPONSOR.com) – The 2008 stock market crash wiped out trillions of dollars in defined contribution (DC) retirement accounts. When the stock market eventually bottomed out in the first quarter of 2009, DC retirement accounts had lost about $2.7 trillion, 31% of their peak 2007 value, according to a brief from the Urban Institute. Using data from the …

401k and 403b Plan Reminders for 2012

Why do I have to get my census and reports to my plan adminstrator in January?  There are a couple of reasons, and failure to comply can cause significant penalties.  Please make sure to get your year-end reporting done as soon as possible, but no later than January 31. – Reeve EXCESS DEFERRALS- for the 2012 calendar year, employee deferrals …

Medical Loss Ratio payments of $1.5 Billion made

New York, NY, December 5, 2012—Consumers saw nearly $1.5 billion in insurer rebates and overhead cost savings in 2011, due to the Affordable Care Act’s medical loss ratio provision requiring health insurers to spend at least 80 percent of premium dollars on health care or quality improvement activities or pay a rebate to their customers, according to a new Commonwealth …

Details of W2 reporting requirements for 2012

One of the new Health Care Reform requirements obligates employers to report the aggregate cost of applicable employer-sponsored health care coverage on an employee’s Form W-2. Affected employers Although the Affordable Care Act imposed this requirement for all employers in 2011, the Internal Revenue Service (IRS) made it optional for all employers for 2011 because necessary guidance was not available …

Saver’s Tax Credit for IRA’s

Are you eligible for a tax credit when you contribute to your retirement plan? Certain lower income contributors to various tax-advantaged plans—IRAs, 401(k) plans, 403(b) tax sheltered annuities, SIMPLE IRAs, Section 457 governmental plans and salary reduction SEPs—receive a nonrefundable tax credit in addition to any other tax benefits resulting from participation. The tax credit, being nonrefundable, applies only to …

New Healthcare Coverage Option Comes to SC’s 900,000 Uninsured Citizens

Reeves note-  COOPS will be part of the Exchanges which begin January 1, 2014.  Open enrollment should start next October. Consumers’ Choice Health Plan (CCHP) is the new healthcare CO-OP opening here in South Carolina. Like electric CO-OPs, CCHP will have a governing board made up mostly of subscribers/members who will insure the plan operates with the consumers in mind. …