I usually recommend you roll your 401K into an IRA when you leave a company. The key word here is USUALLY. There may be a situaltion when using the 55 and older exemption may make sense. See this article in SmartMoney by Bill Bischoff:http://www.smartmoney.com/taxes/income/when-ira-rollovers-go-wrong-1343243259709/Everyone’s situation is different but this might be a case where you can avoid the penalties for early withdrawal by using this exclusion if you will need some of the money before you turn 59 and a half. Call or email me and we can discuss it.Remember, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035
IRS Audits of S Corp Tax Returns Often Produce Little Result
Look at this article in Accounting Today by Michael Cohn about audit results of S Corporation by the IRS:http://www.accountingtoday.com/news/irs-audits-s-corporations-unproductive-taxprotoday-63396-1.html?ET=webcpa:e2742:204199a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=WebCPA_Daily_072512If this is the case, maybe everyone should be an S Corporation. Also the IRS may reduce S Corporation audits in the future. If you would like to talk about this, call or email me and we can discuss it.Remember, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035
Many Married Couples Keep Their Checking Accounts Separate
While I don’t necessarily agree with keeping separate checking once you are married (my wife and I have joint checking and make spending decisions together, because we feel it is OUR money), a lot of married couples do have separate checking and investment accounts. Here is an article by Rachel Louise Ensign in The Wall Street Journal discussing it:http://online.wsj.com/article/SB10001424052702303754904577530710194368918.htmlIf you have questions, email or call me and we can talk about it.Remember, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035