Posts Tagged ‘ IRS ’

IRS Year End Reminders for Donors to Charity

Dec 28th, 2009 | By Charles L. Stanley CFP® ChFC AIF® | Category: News

Businesses and individuals making 2009 contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following…
IR-2009-114, Dec. 8, 2009
WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect [...]

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Transfer of Partial IRA Account Balance Subjects Periodic Payments to 10% Penalty

Sep 2nd, 2009 | By Charles L. Stanley CFP® ChFC AIF® | Category: 3rd Quarter (Age 40-60)

IRA accounts are designed for retirement. If a person decides they want to access their account prior to age 59 1/2, they will incur a Federal Income Tax penalty for early withdrawal of 10% of the amount withdrawn. In addition, the amount withdrawn is deemed ordinary income and taxed as such. If that weren’t bad [...]

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