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If you’ve reached 70-1/2, you can make cash donations to Internal Revenue Service-approved charities directly out of your traditional IRA. This can be a tax-smart opportunity, but it will expire at the end of this year unless Congress acts. Here’s what you need to know.
Qualified Charitable Distribution Basics
So-called qualified charitable distributions (QCDs) come out of your traditional IRA free of any federal income hit. In contrast, other IRA distributions are taxable. Unlike garden-variety cash donations to charities, you can’t claim itemized deductions for QCDs. That’s OK, because the tax-free treatment of QCDs equates to a 100% deduction (because you will never be taxed on those amounts) without having to worry about restrictions that apply to itemized charitable write-offs.
If you inherited an IRA from the original account owner, you too can do the QCD drill if you have reached 70-1/2.
A QCD must meet all of the following tax-law requirements.
1.
Nokia Corp. on Tuesday launched its first smartphones to run on the updated Symbian software with new icons, enhancements and a faster browser.
Nokia said the two models – the E6 and X7 – have longer battery life, better text input and new Ovi Maps applications with improved search and public transport routes.
The Nokia E6, with a standard QWERTY keypad and high resolution touch display, is aimed at corporate customers, while the Nokia X7 is an entertainment-focused handset with a 4-inch (10-centimeter) display made for games.
The world’s largest cellphone maker did not price the handsets.
Markets seemed unimpressed by the announcement, which comes as Nokia continues to struggle against stiff competition, especially from Apple Inc. and Research in Motion Ltd.Nokia stock fell more than 3 percent to euro6.08 ($8.80) on the Helsinki Stock Exchange.
More than 200 million phones, with 150 million more expected on the market, use Symbian technology, seen by some developers as clumsy and dated. Read more…
The ability to work from home is one of the benefits of living in a modern world. But believe it or not, as a home business owner you may be exposing yourself to risks that are not covered by your home insurance policy. When an insurance policy is underwritten, all the risks that the proposed insured presents are evaluated and the policy is issued and priced accordingly. So unless you disclose to your home insurance company that you are running a business out of your home and they add coverage for the liabilities associated with that in your policy, then claims that occur and affect your home office may not be covered. In that case, you may need a separate business insurance policy. Even if you do let them know and they add wording to the policy that covers your business property in the event of an insurable incident, that does not mean that your business is completely covered. Business liabilities can affect the work you do and not the stuff you own, so coverage of them might require professional liability policies such as errors and omissions insurance.
I should have known early reports of the death of ethanol supports in Congress were too good to be true. Ethanol appears to be the un-killable zombie menace. It used to be a Baptists and bootleggers issue but even the Baptists (the environmentalists, in this case) have turned against it. But still it lives on, probably as long as Iowa is a critical step in the Presidential nomination process.
Thune and Klobuchars bill takes the tax revenue gained from ending the VEETC (which, again, doesnt help ethanol producers), and dedicates most of the money to other ethanol subsidies, such as tax credits for small ethanol producers and for ethanol blender pumps to be installed at gas stations. The
As a renter, you might think that insurance is something you can avoid. After all, you don’t have a dwelling or property to protect—that’s your landlord’s job. But you do have possessions, and if the wind or a tornado were to blow the roof off your building, you could suffer wind and water damage to your furniture, electronics and family collectibles. Your landlord’s insurance policy most likely doesn’t cover a renter’s property. So if this damage were to occur, you would not be reimbursed from the landlord’s policy. Additionally, unless you can prove some sort of neglect on your landlord’s part, you would likely be unsuccessful in suing him or her for damages. Whether you are a home owner or a renter, it is important that you recognize the hard work you do in order to furnish your home and that you protect your possessions by purchasing renters insurance to cover them. I If you don’t, you may have to dip into your retirement savings or take loans out in order to refurnish your apartment after an insurable incident. And the money you w