View the Ohio Treasurer's "Featured Articles" Contribution Guidelines here.
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Tuesday, 11 December 2007
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Provided by The Ohio Society of CPAs
After all the advice you’ve received about saving for retirement, taking money out of your traditional IRAs and other qualified retirement plans may feel strange. Yet once you reach age 70½, the required minimum distribution (RMD) rules require you to withdraw at least a minimum amount from your retirement plans each year. Since the withdrawals are considered ordinary income, and they were not taxed when you made the initial deferral to your account, they are taxable in the year of withdrawal. Advance planning can help you prepare for the impact on your tax return.
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Monday, 10 December 2007
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That little voice in your head has been talking to you a lot lately, hasn't it?
Talking about your money, and how you're managing it? (Or mismanaging it, as the case may be.)
I know the feeling. I spent a handful of years ignoring that voice, and boy, do I regret it. Ignoring that voice cost me a whole lot of money. More than that, it caused me a whole lot of stress. For me, losing money is bad.
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Monday, 10 December 2007
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Provided by The Ohio Society of CPAs
Donations charged to a credit card are deductible in the year charged, not when payment is made on the card. Thus, charging donations to your credit card before year-end enables you to increase your 2007 charitable donations deduction even if you're temporarily short on cash or simply want to defer payment until next year. Please note, however, that any interest paid with respect to the charge is not deductible.
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Sunday, 09 December 2007
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If 2008 is the year you want to pay your taxes via an electronic transfer from your bank account to the IRS, then you need to set up your Electronic Federal Tax Payment System ( EFTPS ) account soon.
As much as we want to ignore it, tax season -- and required tax payments -- are bearing down on us. For folks who file estimated taxes, the 2007 fourth quarter deadline is Jan. 15.
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Saturday, 08 December 2007
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Provided by The Ohio Society of CPAs
If you've been following the news about the recent turmoil in the real estate market, you may wonder how losing a home in foreclosure proceedings could result in taxable income. Unfortunately, unless Congress changes federal tax law, there are two ways.
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