Thursday, March 21, 2013

3/21/2013

To claim a personal exemption, the taxpayer must be able to answer "no" to the question, "Can anyone claim you or your spouse on their tax return?"

This applies even if another person does not actually claim the taxpayer as a dependent. Taxpayers who could be claimed as a dependent must claim "0" exemptions. This means they will not be able to subtract the exemption amount from their gross income, and they may have to use a smaller standard deduction amount.

 

What is the penalty on an unused 529 plan?

Only earnings are subject to a withdrawal penalty

Federal law imposes a 10% penalty on earnings for non-qualified distributions beginning in 2002. The penalty is not assessed on principal. (Distributions are allocated between principal and earnings on a pro-rata basis.) An exception to the penalty can be claimed if you terminate the account because the beneficiary has died or is disabled, or if you withdraw funds not needed for college because the beneficiary has received a scholarship.

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http://www.codeproject.com/Articles/9545/Get-Logging-with-the-Enterprise-Library

Decision to making an investment (mainly in real estate)
1) Partners
2) Financing
3) Management

 

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