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Tax and Tax Information - Income Tax

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Tax and Tax Information * Income Tax

New for 2006, the Roth 401k Plan   
Alan D Campbell

One of the new tax strategies available in 2006 is the Roth 401k. A taxpayer may place up to $15,000 ($20,000 if age 50 or older) in a Roth 401k instead of a regular 401k plan in 2006. The 401k plan needs to have the provision that allows contributions to go into a Roth 401k. Just because the tax law allows a Roth 401k plan does not mean that all employers will revise their 401k plans to allow Roth 401k contributions.


The Roth IRA has been one way to invest to generate tax-free income for retirement. A taxpayer does not receive a deduction for placing money into a Roth IRA, but the taxpayer may take the money out at retirement free of federal income tax. The new Roth 401k works in much the same way except that a taxpayer may contribute a larger amount to a Roth 401k

Article to continue below----------------------------------------------

N.Y.âs Paterson Shuns Wall Street Stock Transfer Tax (Update2) (BusinessWeek)
New York Governor David Paterson, facing at least a $9 billion budget deficit, rejected a call for a stock transfer tax on Wall Street.

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The problems with the Roth IRA has been that the law has not allowed many taxpayers to have Roth IRA because their incomes were too high. The new Roth 401k does not have this problem. A taxpayer may contribute to a Roth 401k no matter how high an income the taxpayer has.


Traditional IRAs, 401k plans, and other pension plans provide for tax-deferred income. The contributions made by the taxpayer are either deductible or excluded from gross income at the time of contribution. However, when the taxpayer withdraws the money, it is fully taxable. A taxpayer receives no deduction for amounts that go into a Roth IRA or a Roth 401k plan, but the taxpayer may withdraw the money at retirement completely free of federal income tax.

Article to continue below----------------------------------------------

New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.
Rally To Push For Hike To Georgia Cigarette Tax (AP Via Yahoo! Finance)
Anti-smoking advocates say they know a way to help fill Georgia's $1 billion budget shortfall: hike the tax on cigarettes by $1.

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The Roth 401k plan is especially good for younger taxpayers. They have a longer time to invest their money wisely and generate a large amount of tax-free earnings on their contributions. Taxpayers should carefully consider the Roth 401k plan in 2006 with the assistance of a competent tax advisor.





Alan D. Campbell is a CPA in Arkansas and Florida and is self-employed primarily as an author of tax publications. He is the co-author of the book Tax Strategies for the Self-Employed. For more tax savings strategies, please see his Tax Savings Strategies blog http://taxsavingsstrategies.blogspot.com

What Other Authors say about Taxes

Lump-Sum Social Security Benefits--Tax Election by Alan D Campbell

Sometimes a taxpayer will receive Social Security benefits in one lump sum. A taxpayer might have to pay income taxes on up to 85 percent of these benefits. However, a taxpayer may make an election under...

Income Tax Software - The Best Ones On The Market by Mike Singh

There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required...

Self-Employed Taxes: Helping You Know Your Responsibilities by Jeff Casmer

1. Estimated Tax Payments: If you are a sole proprietor, a partnership, or a shareholder in a Sub-chapter S corporation, you are considered self-employed. Since you don't have an employer deducting taxes...

Avoid Annuity Tax Problems by Tony Novak

Millions of investors own retirement annuity accounts but few are aware of the tax implications when the annuity is passed to an heir or beneficiary. A little known tax fact is that income tax on an individually...

How Wealth Tax Is Better Than Income Tax by Jim Thio

Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less....


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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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Index of Articles about Taxes

What Other Authors say about Taxes

Lump-Sum Social Security Benefits--Tax Election by Alan D Campbell

Sometimes a taxpayer will receive Social Security benefits in one lump sum. A taxpayer might have to pay income taxes on up to 85 percent of these benefits. However, a taxpayer may make an election under...

Income Tax Software - The Best Ones On The Market by Mike Singh

There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required...

Self-Employed Taxes: Helping You Know Your Responsibilities by Jeff Casmer

1. Estimated Tax Payments: If you are a sole proprietor, a partnership, or a shareholder in a Sub-chapter S corporation, you are considered self-employed. Since you don't have an employer deducting taxes...

Avoid Annuity Tax Problems by Tony Novak

Millions of investors own retirement annuity accounts but few are aware of the tax implications when the annuity is passed to an heir or beneficiary. A little known tax fact is that income tax on an individually...

How Wealth Tax Is Better Than Income Tax by Jim Thio

Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less....