Category: Finance / Taxes

Penalty Free IRA Withdrawals

Back in the early 1980s the Individual Retirement Arrangement (“IRA”) became a popular vehicle for individual workers to sock away up to $2,000 annually (the limit is now $3,000, soon to go up to $4,000) without current taxation. Earnings on these contributions would also accumulate… Continue reading

Property Tax in Pennsylvania and the Impact of Slot Machines

Pennsylvania’s local tax system has roots in English history and in the colonial times; however the present local tax system dates back to the mid-1960’s with the passage of legislation that allows local communities to raise their revenue from a myriad of tax sources given… Continue reading

7 Tips for Financial Well-Being

Here are some quick tips to consider in the coming year to improve your financial picture: Get rid of high interest credit card debt by refinancing or using a home equity second mortgage at lower interest rates. The interest may become deductible and the overall… Continue reading

Internal Revenue Update

For those of you who pay income taxes (ha!) there are modest changes you should know about in the Internal Revenue Code for 2005; some are: The standard deduction for a single person or for a married person filing separately is increased to $5,000 (from… Continue reading

Creditors Ordered to Keep Hands Off IRAs

The United States Supreme Court recently held that individual retirement accounts (“IRAs”) were beyond the reach of creditors. This was a unanimous decision which preserves IRA assets for all taxpayers, even those who have filed for bankruptcy. Prior to this decision, there was confusion and… Continue reading

IRS Certifies Lexus RX 400h for Clean-Fuel Deduction

Automobiles that are powered in part by gasoline and in part by electricity are deemed “clean fuel vehicles”. These vehicles have risen in popularity, in part because of income tax benefits. The IRS has certified the 2006 Lexus RX 400h as eligible for the clean-burning… Continue reading