taxation

The first-time home buyer tax credit extension cleared a hurdle in the Senate today with a 98-0 vote, and it could be a done deal if approved by the House this week. All over the U.S., there is an increasingly heated argument over the benefits of the First Time Home Buyers Credit and this extension. [...]

The following article contains information about the Internal Revenue Service (IRS)’s officially released 2009 federal income tax brackets. You’ll need this information to prepare and file your 2009 tax return in early 2010. To the extent that the information in this article helps summarize the changes in Federal Income Tax, you should consult the official [...]

Investing is something that all of us should consider at some point in our lives. When it comes to making a long term investment, there is no better choice to make than real estate investing. A long term investment is bound to pay off at some point. This is evident because of the fact that [...]

I have been thinking about setting up a Limited Liability Company (LLC) for my web business to manage personal liability risk.  LCC is an attractive option for incorporating a small business, because it provides the limited personal liability of a corporation, but the pass-through taxation of a partnership or an S corporation. For this reason, [...]

Now that we know Obama is the next president, we can evaluate his proposal regarding 401k plan more closely.  If you recall from my last article, I didn’t like his proposal that would allow people to early withdraw from their retirement funds — i.e., 401k and IRA — without penalty (McCain’s plan was even worse). [...]

In face of the current economic crisis, both Obama and McCain are proposing changes to the IRA and 401(k) rules hoping that it will help restore economic stability.  Although we usually take these retirement plans as certain, we are reminded that rules governing IRA and 401k are malleable and not set in stone. Obama’s Proposal [...]

Last night I came across a site that talks about the power of referral; specifically word of mouth. For example, you like Moolanomy so you recommend it to three of your friends, then they turn around and do the same to three other friends. Awareness about this blog could spread to over a million people [...]

A friend at work is thinking about borrowing from his 401k plan to fund his business start-up. He mentioned it to me and I told him that it’s a terrible idea to borrow from 401k. It may sound appealing at first — i.e., fast loan application, easy to qualify, and you pay the interest to [...]