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Sell Your Life Insurance?

I own a life insurance policy that I no longer need and have received an offer to purchase it. Should I sell?    First, you and your family or other beneficiaries must be sure that you no longer need...

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Roth Conversion

What are the pros and cons of converting my traditional IRA to a Roth IRA now?    When you convert a traditional IRA to a Roth IRA, you'll recognize taxable income and pay tax on that income. Once you...

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Medical Expenses

Can healthy taxpayers deduct expenses?    Not all services performed by medical professionals are deductible as a medical expense under section 213. Likewise, no deduction is allowed for...

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How To Use PODs

Is a payable -on-death account the same as a transfer-on-death account?What are the pros and cons of a payable-on-death account?    Both accounts transfer money to your heirs directly without going...

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ID Theft After Death

Is it possible for a person who is deceased to become a victim of identity theft? If so, what would be the best way to deal with it?    A thief can steal anyone's identity, living or dead. And...

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Social Security Benefits

I'm 66 and working full time. If I reduce my hours and work part time until age 70, will working between ages 66 and 70 increase my benefit? If I take Social Security at age 70 instead of 66, how much...

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Deductible Braces

If I hire my school-age children to work part-time for my home-based business, can I deduct their braces as a business expense?    If you set up a Section 105 Medical Reimbursement Plan as a sole...

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Upcoming Tax Dates

During November Employers should ask employees whose withholding allowances will be different in 2010 to fill out a new Form W-4. Employers should ask each eligible employee who wants to receive...

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Student Loan

Can't Pay Back A Student Loan?     Default rates on federal student loans have soared, reaching 7.2% for the 2008-2009 school year, the highest level since 1998. A student loan is considered in default...

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20-Minute Tune Up

Do You Have The Wrong Amount Of Life Insurance?     When was the last time you gave yourself a life insurance a tune-up? Even if you once purchased an appropriate amount of life insurance, your needs...

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Business Taxes

Businesses of any size will be able to immediately claim 100% bonus depreciation for new assets put in service this year. Only assets with useful lives of 20 years or less will qualify, including...

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HIRE Act

Can Firms that hired unemployed workers last year claim a 2011 tax break?Yes. They can take a credit of up to $1,000 per worker if they retain employees who qualified for the 6.2% payroll tax exemption...

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Roth IRS Contributions

My spouse was unemployed in 2010, but I had a job. Can I make Roth IRA contributions for both of us?    Yes. While people without earned income usually are not allowed to make Roth contributions, the...

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Preparers

The e-filing thresholds are falling for return preparers next year. In 2011, preparers who filed over 100 individual returns had to do so electronically. In 2012, this requirement applies to preparers...

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