Tax Carnival Ecstasy – November 19, 2013

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Welcome to the November 19, 2013 edition of Tax Carnival Ecstasy. We start this carnival with an article from Bill Smith on filing back taxes. We also have a really good story on filing your taxes after the October 15th deadline has passed for the year. And finally, Intuit is helping those looking for advice on completing their Affordable Care applications. Hope you bookmark, share, tweet, and like on Facebook the Tax Carnival Ecstasy.

filing

Bill Smith presents How To File Back Taxes posted at 2011 Tax, saying, “All people with income need to file taxes yearly. If you have missed one or more years in the past ten, now is the time to file back taxes.”

Death & Taxes (film)
Death & Taxes (film) (Photo credit: Wikipedia)

Bill Smith presents IRS Payment Plans Are Ideal For Paying Your Taxes On Time posted at 2012 Taxes – Free Tax Filing Options, saying, “Just don’t use one to pay your taxes when they come due as the IRS has a number of payment plans that won’t stress out your budget and incrementally trap you in a negative cycle.”

retirement

Ward Carson cfp presents Women and Retirement – The Happy 401k posted at The Happy 401k, saying, “Ward Carson is a CERTIFIED FINANCIAL PLANNER™. He is the owner of The Happy401k.com and the Managing Partner of Cambridge Financial & Insurance Group. Cambridge provides counsel to corporate clients in the areas of qualified retirement plans and executive/employee benefits. Through TheHappy401k.com, Ward shares valuable insight for sponsors and participants of corporate retirement plans”

John Schmoll presents Can You Earn Too Much to Be Good With Money? posted at Frugal Rules, saying, “A common myth is that the higher your income is the better you are with money. This problem with this myth is that it overlooks the fact that if you spend a lot while making a good salary you’ll have nothing to show for it. The path to growing wealth, however, is made up of being frugal with your spending and having your money work for you as opposed to being a slave to it.”

tax law

Bill Smith presents Filing Taxes In 2013 After October 15 posted at 2013 Taxes, saying, “If you were unable to pay your taxes earlier in the year, you might have been dreading the October 15th deadline for your deadline extension.”

tips

Lee Hadnum presents Where are the tax havens? posted at UK Tax Planning Blog.

Bill Smith presents Intuit Offering Personalized Answers To Questions About The Affordable Care Act posted at 2012 Tax – Free Tax Filing Options, saying, “To provide assistance to the estimated 50,000,000 uninsured US citizens facing crucial healthcare decisions, Intuit Inc recently launched their TurboTax 2012 AnswerXchange.”

Bill Smith presents Pink Slip Loans Worse Than Payday Loans posted at 2012 Taxes – Free Tax Filing Options, saying, “Pink slip loans are available online. However, looking for a pink slip loan online requires due diligence.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Tax Carnival Ecstasy – October 25, 2011

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Welcome to the October 25, 2011 edition of Tax Carnival Ecstasy. In this edition of the Tax Carnival Ecstasy we have a number of great articles from different financial blogs. Roger White starts us off with 401k Contribution Limits in 2011 and 2012, for those looking to max-out their retirement savings. SteveR has a good post with What to Expect after Receiving an IRS Certified Letter, if you just discovered that you are being audited. And finally, Al Peters presents 4 Things You Should Know About Your Self Assessment Tax Return 2011. Hope you enjoy the material, bookmark, share, tweet, like on Facebook and come back soon.

Adriana Roux presents UPDATE: JASON SILVER, HEAD OF U.S DEPARTMENT OF ENERGY’S LOAN PROGRAM, STEPS DOWN posted atBankruptcy Attorney NJ RSS Feed, saying, “Solyndra bankruptcy news heats up as e-mails reveal conversations that show the Obama administration was forewarned to not loan the solar energy company the $535 million. Republicans demand answers and review emails that report irresponsible lending for the purpose of “green jobs” and perhaps to satisfy investment relationships – all with tax payer money!”

credits

Colin Hartness presents Figures Reveal Rising PPI Payouts posted at Fast Track Reclaim Blog.

Roger White presents 401k Contribution Limits in 2011 and 2012 posted at 401k Calculator, saying, “This posts lets you know about your 401k contribution limits for 2011 and 2012.”

taxes

Al Peters presents How Much Can you Earn Before Paying Tax in 2011 posted at Tax Return Blog, saying, “Tax allowances and brackets change each year. This post shows highlights how much you can earn before you need to pay tax.”

SteveR presents What to Expect after Receiving an IRS Certified Letter posted at 2011 Taxes, saying, “Receiving an IRS certified letter can be a huge shock. You walk out on your mailbox sooner or later, peruse junk and bank statements, and then that you can see it.”

The DIV-Net presents Roth IRAs posted at The DIV-Net, saying, “Nothing is certain in this world except for death and taxes. For many dividend growth investors, this could be characterized as a feeling that they are being taxed to death. While I keep most of my assets in taxable brokerage accounts, I am always on the lookout to legally minimize my investment taxes as much as possible. In fact there is a way to invest in dividend paying stocks without ever having to pay taxes on your investment.”

Gemma Flannery presents Your Tax Code For 2011 posted at Tax Codes, saying, “Your tax code is used by your employer to calculate the amount of tax to deduct. Each year this changes with as tax brackets change. This posts explains the tax code for 2011.”

Al Peters presents 4 Things You Should Know About Your Self Assessment Tax Return 2011 posted at TaxFix Feed Update, saying, “There are many things that you should know about completing your tax return but this post higlights 4 of the top things to remember.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

 


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Be Ready For Retirement & Plan Your Pension Now

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In your early twenties it is hard to imagine that day when you can stop working for good. However, pensions have been big news recently and regardless of your age you should think about what kind of financial situation you want to be in come retirement.

How to go about setting up a pension

Setting up a pension will require some research as there are many different types of pension options. You should look at whether your company has a pension and also investigate pension schemes offered by outside agencies. In addition, don’t be afraid to go to a financial advisor for advice on which pension options would best suit you. Finally, think about investments if you are young. Buying property to let can be just as effective over a long period as paying additional pension contributions.

Why is it important?

As you grow older, you will inevitably reach an age where your health will prevent you from working. When you are no longer able to work you will need an income and this is where pensions come into play. They can provide you with income security during retirement and allow you to continue living a comfortable life. Having an adequate pension pot will be essential. Pensions also benefit the economy in that they allow people to continue contributing by purchasing products.

Workplace pensions

Many employers now offer a workplace pension that is open to all employees (sometimes after a specific period of working there). There are a number of different types of pension that they might offer, so you might want to research which one will provide you with the best deal. Possible pension schemes include: defined benefit schemes which can be calculated on your final salary or an average of what you have earned over your entire career. Alternatively, they could offer defined contribution schemes, such as money purchase schemes, group personal pension plans and group stakeholder pension schemes.

Private pensions

There is also the option of private pensions which can be purchased from insurance companies, investment organisations and banks. Policy holders contribute money, it is invested by these companies and a fund is built up. When you reach an agreed age, you are able withdraw a certain percentage of the fund and invest the rest. The outcome of these pensions schemes depend on the amount invested, how well investments perform etc.

How much you should be saving

You should start thinking about how much money you are going to need (remember you may have paid off borrowings by this time). There are a number of questions you will need to ask yourself in order to give yourself a rough idea of how much money will need to save. For example, when are you hoping to retire? How much have you already saved? How much do you want to have during retirement? What benefits are you going to receive through social security? There are some useful pension calculators available on the internet which can help you calculate this. When you have decided on plan you will need to stick to it!

Rising retirement ages

Retirement ages obviously depend on where you live, but it is true that in most countries the retirement ages are going up, up, up! Due to the fact that most people will be working way past previous retirement ages, it is important that you have your pension plans in place.

What you could face if you don’t have a pension

Facing old age without any savings is a grim prospect. The likelihood is that you will have to work longer, or if ill health prevents it, have to endure a worse quality of life. Without a pension you could face poverty in old age, so having a plan is vital.

Hannah Wilkie has experience in the field of retirement planning and likes to get her clients to start saving early. If putting money into a pension plan is too inflexible at this point in time then she recommends you search around for the best ISA rates so you get the best returns on your money but you are also less tempted to spend it than if it was in a regular savings account.