This musing asks: didn’t we just go through this last year? This article in the Los Angeles Times by Jim Puzzanghera notes it is time to raise the US debt ceiling again or face the possibility of a credit downgrade for the country:http://articles.latimes.com/2012/oct/31/business/la-fi-debt-ceiling-20121101If this is going to be an annual occurance, when is it going to be too much? I guess time will tell!Remember, for financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
CPA Tax Musings: Borrowing From Your IRA
Yesterday we discussed longer term borrowing from retirement plans. There is one short term borrowing option – the 60 day rule for IRAs. If you put the money back in the IRA within 60 days you don’t get penalties or taxes. See this article inSmart Money by Bill Bischoff that goes over the advantages and the pitfalls of this option:http://www.smartmoney.com/taxes/income/borrowing-from-your-ira/Just remember to be careful on this type of short term borrowing and follow the rules or you could get hit with a tax bill plus penalties.Remember, for financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
CPA Tax Musings: The Risks of Tapping Your Retirement Fund for an Alternative Use
This tax musing goes into the potential problems of using retirement money to invest in a business. See this article in the New York Times by Steven M. Davidoff:http://dealbook.nytimes.com/2012/10/30/the-risks-of-tapping-a-retirement-fund-for-an-alternative-use/Hey here is an idea; use your retirement money for retirement! Remember, for financial, accounting and tax musings, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com