Harmoney Advantage Partner Network

Tax savings key benefit of IRAS

Two weeks ago, I explained the need to file our income tax return for 2007 before we can receive the government's economic stimulus rebates. Last week, I discussed how few Americans eligible to contribute to an individual retirement account do so.

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Partnership approach best way to handle household finances

One of the spouses or partners in a relationship balances the checkbook and pays the bills. The other is in charge of investments. They communicate about the household finances and take the time to discuss three essential questions:

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Tax savings key benefit of IRAS

Two weeks ago, I explained the need to file our income tax return for 2007 before we can receive the government's economic stimulus rebates. Last week, I discussed how few Americans eligible to contribute to an individual retirement account do so.

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IRAS: A primer

Americans have some $4.6 trillion stashed away in individual retirement accounts. Imagine how much more we could have - and how much better prepared we'd be for retirement - if we actually understood IRAs.

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What is the tax impact on my investment returns?

Net profits on your share of your mutual funds' stock sales are taxable to you as capital gains. Unless you are in a tax-deferred retirement account, the taxes will eat into your profits. Here's a suggestion: invest in funds that have low turnover. Your portfolio, overall, should have a turnover of 10% or less per year.

What should I invest my IRA in?

Since IRAs are generally long-term investments, equity investments are generally appropriate for a portion of the account. If you have a low risk tolerance, a better choice might be a short-term fixed income investment. Many people have their IRAs invested in CDs. Municipal bonds should never be used within an IRA because you will sacrifice return and may convert otherwise tax-free income to taxable income when you withdraw the funds.

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