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* Reduce fat in your diet
Buy the leanest cuts of meat you can find. Regularly substitute poultry (without the skin) and fish for red meat. Both are lower in saturated fat. Switch to low fat cottage cheese and yogurt, reduced fat hard cheeses and skim or 1 percent milk.

* Eat no more than four egg yolks a week
An average egg yolk contains 213 milligrams of cholesterol!

* Eliminate fried foods
Don’t fry foods. Roast, bake, broil, grill or poach them instead. Use fat free marinades or basting with liquids like wine, tomato or lemon juice. Use olive or canola oils for sautיing or baking. Both are very low in saturated fat. Use diet, tub or squeeze margarines instead of regular. Watch for the term “hydrogenated,” which means some of the fat is saturated.

* Eat vegetables and complex carbohydrates Lowest fat foods of all are vegetables, fruits, grains (rice, barley and pasta), beans and legumes. Try substituting some of these for meat and high fat dairy products. Don’t douse your pasta with butter or your potato with sour cream. Use tomato base sauces instead of cream base. Use lemon juice, low sodium soy sauce or herbs to season vegetables. Make chili with extra beans and seasonings while leaving out the meat.

* Lose weight
If you are overweight, the chances are almost 100
hat you have a problem with high cholesterol. You can lower your LDL and elevate your HDL just by dropping some pounds.

* Nuts to you!
Do you like nuts? If you do, sprinkle a few on your cereal, bake them into muffins or pancakes or add them to casseroles or stir-fries. Walnuts and almonds are especially good. Eating about three ounces of walnuts a day is shown to decrease blood cholesterol levels by 10ore than an already low fat, low cholesterol diet.

* Eat chocolate
Aha! All you chocoholics rejoice! Studies indicate that the fat in chocolate is stearic acid and has no effect on cholesterol levels. The chocolate does not increase LDL and could raise HDL a wee bit. But chocolate is still high in fat and calories so don’t go overboard.

* Drink fruit juices
Apparently some of the non-alcoholic ingredients in red wine raises HDL and suppresses the body from producing LDL. Purple grape juice works the same way. The LDL lowering effect of red wine and grape juice comes from a compound that grapes produce normally to resist mold. The darker the grape juice, the better. Grapefruit juice does the same thing and it may also help your body get rid of nasty plaque.

* Eat garlic
Cholesterol lowering effects of garlic have been demonstrated repeatedly in people with normal and high cholesterol. Eat all the garlic you can. It also seems to raise the HDL levels as well. If you are worried about the odor, take the tablets instead.

* Take niacin - carefully
It is proven effective for lowering LDL and raising HDL. It is also one of the cheapest drugs available for lowering cholesterol. But, without medical supervision it may not be totally safe. A dose high enough to lower cholesterol can cause extremely high blood sugar or liver damage.

* Take vitamin E
Studies indicate that vitamin E may have a positive impact on lowering cholesterol when taken in fairly large quantities - up to 800 IU per day. This is more than you can get from your diet alone. Larger amounts do not seem to cause any harm. Further studies showed that even amounts of just 25 IU per day helps in preventing LDL from sticking to blood vessel walls. That amount is only slightly higher than the recommended daily amount (RDA) of 12 to 15 IU. It’s interesting to note that even that small amount has an impact on preventing that hardening of the arteries.

* Take Calcium
One study indicates that when 56 people took a calcium carbonate supplement, their total cholesterol went down 4 percent and their HDL increased 4 percent. That was taking a dosage of 400 milligrams of calcium three times a day with no harmful effects reported. That does refer to calcium carbonate.

* Take Vitamin C
It is the number one immune system booster and also drives up HDL. A study of people who took more than 60 milligrams of vitamin C per day (60 milligrams is the RDA) had highest HDL levels.

* Fill up on fiber
As little as three grams per day of fiber from oat bran or oatmeal can be effective. There are other sources of fiber as well such as barley, beans, peas and many other vegetables. Pectin, which is found in fruits like apples and prunes, reduces cholesterol even better than oat bran, as does psyllium which is the fiber you find in many breakfast cereals and bulk laxatives.

* Quit smoking
Smoking promotes the development of atherosclerosis. Tobacco smoke is actually more damaging to the heart than the lungs. Smokers have a higher chance of having a heart attack (three times greater than nonsmokers) and a greater risk of dying of the attack (twenty one times greater than nonsmokers.) Even if you have smoked for years, stopping now can still immediately help combat the development of atherosclerosis.

* Reduce sugar intake
Many people don’t realize that sugar affects cholesterol and definitely affects triglycerides. Sugar stimulates insulin production, which in turn increases triglycerides. Men in particular, seem to be sensitive to this effect from sugar. The mineral chromium which helps to stabilize blood sugar, can also raise the level of HDL. 100 mcg of chromium three times daily can help to improve your cholesterol levels.

* Exercise regularly
There is positive evidence that exercise can lower LDL cholesterol and boost HDL cholesterol. Both aerobic exercise such as walking, jogging, swimming, bicycling and cross country skiing and strength training like lifting weights or using weight machines all promote the improvement of cholesterol levels.

* Eliminate caffeine
We Americans definitely have a love affair with our coffee! People who drink large amounts of caffeine (more than 6 cups a day) are far more prone to elevated cholesterol. That connection does not hold for tea drinkers. Limit your coffee intake to no more than one cup a day and eliminate caffeinated sodas entirely.]]>

If you have bad credit and believe you are out of luck when it comes to refinancing or purchasing a new home, you may want to reconsider your options.
Just because you have bad credit, it does not mean you will be unable to get a loan, nor does it mean that you are at the mercy of the mortgage companies. You are not.
The mortgage industry is a very diverse one with literally thousands of lenders across the country that just might offer a program that fits your needs.
These lenders that offer programs to consumers with poor credit are known as wholesale lenders.
Wholesale lenders work directly with mortgage brokers, whose job it is to assist you in finding a mortgage lender regardless of your credit score.
It is also the responsibility of the mortgage broker to counsel and educate you through the entire mortgage process.
If you decide that you do not want to do the shopping around yourself, than you should seriously consider finding a mortgage broker to help you. They have relationships with hundreds of wholesale lenders, and they will work to find a program that fits your needs.
Keep in mind, brokers are paid on commission, so it is just as important to them as it is to you to get to the closing table.
A good place to start for tracking down a mortgage broker is the internet. Contact a few brokers, allow for them to assess your situation, than work with the one that best fits your needs and budget.
Best of luck.

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By using a debt consolidation refinance plan, the equity you built up in your home can be used to pay off personal loan and credit card debts, among other things; however, you must not forget that borrowing for debt consolidation is actually adding another debt to the previous debt load.

On the other hand, taking a debt consolidation refinance loan will just mean using your own money from your built-up home equity to pay off your existing creditors.

How will refinance help to consolidate my debt?

Debt consolidation refinance will help you break free from debt you may have accumulated through poor money management or a chain of unfortunate events and bad financial habits.

It can help you get rid of the feeling that you are working only to pay your bills with no life at present. You can address the issue of increasing debt and regain control of your money, rather then being controlled by your debt.

It can set you back on the solid ground of fiscal responsibility that will help you sleep better at night and make life good once again.

How should I begin?

You can begin by doing a little research on programs and companies that can get you out of debt. Debt consolidation refinance companies may be loan companies, banks, or mortgage companies. The programs they offer vary from state to state and region to region.

Doing your research up-front and planning your best move is crucial to your debt reduction strategy. Check the interest rates and payoff amounts and decide what will work best for you. Also consider the monthly payments and closing cost.

Your next step is committing to a debt consolidation refinance plan. Slowly you can begin to reap the benefits.

If you carefully step into a debt consolidation refinance and plan every step, it will work for you. This can be your first step back into fiscal solvency.

Debt consolidation refinance is a simple way to regain your financial footing by refinancing your debt load.

By using a debt consolidation refinance plan, the equity you built up in your home can be used to pay off personal loan and credit card debts, among other things; however, you must not forget that borrowing for debt consolidation is actually adding another debt to the previous debt load.

On the other hand, taking a debt consolidation refinance loan will just mean using your own money from your built-up home equity to pay off your existing creditors.

How will refinance help to consolidate my debt?

Debt consolidation refinance will help you break free from debt you may have accumulated through poor money management or a chain of unfortunate events and bad financial habits.

It can help you get rid of the feeling that you are working only to pay your bills with no life at present. You can address the issue of increasing debt and regain control of your money, rather then being controlled by your debt.

It can set you back on the solid ground of fiscal responsibility that will help you sleep better at night and make life good once again.

How should I begin?

You can begin by doing a little research on programs and companies that can get you out of debt. Debt consolidation refinance companies may be loan companies, banks, or mortgage companies. The programs they offer vary from state to state and region to region.

Doing your research up-front and planning your best move is crucial to your debt reduction strategy. Check the interest rates and payoff amounts and decide what will work best for you. Also consider the monthly payments and closing cost.

Your next step is committing to a debt consolidation refinance plan. Slowly you can begin to reap the benefits.

If you carefully step into a debt consolidation refinance and plan every step, it will work for you. This can be your first step back into fiscal solvency.

Talbert Williams 2001-2006 All Rights Reserved]]>

Picture if you will, the opportunity for renewing your spirit any time you need a recharge. Dip your toes into the gentle, warm gulf waters of Tampa Bay. Let your troubles roll out to sea with the tides. As the waves return to once again touch the shores, let them bring you peace and a renewed sense of self. Now that you feel newly invigorated, perhaps you will want to head over to one of the areas more populated beaches, such as Clearwater Beach or St. Petersburg Beach, for some adventure. Take the whole family for a day of fun-filled activities such as collecting sea shells, building sand castles, swimming, fishing, parasailing, or take a cruise for the chance for spotting a whale or a group of dolphins.

You will find exciting activities away from the beaches as well. You can spend the day shopping to find that unique gift for yourself or a loved one. Take in an art gallery or take the family on a historic tour of the area or even to one of the many museums you will find throughout Florida’s Tampa Bay area. When you get hungry, you will find plenty of fine dining and family restaurants to satisfy even the most finicky of eaters.

The Tampa Bay area is also home to some of the best theatre productions, live music, and sporting events to be found anywhere. Attend a play or watch in awe, the beauty of ballet, for a cultural experience your family will not soon forget. The sports fan will be delighted as a spectator at one of the Tampa Bay Buccaneers action-filled football games. Those who like to gamble a bit might enjoy a little time spent betting, at one of the areas Greyhound Racing tracks.

You will find that life along Florida’s West Coast offers on one hand, an oasis from the hustle and bustle of everyday life, and even the influx of tourists that visit Florida each year: but also provides you with many recreational and educational activities to enhance the time that you spend with your family. And of course, you are just a short distance drive from family attractions such as Disney World, Busch Gardens, Universal Studios, Cypress Gardens, and Universal Studios. But unlike visitors who only get to experience some of what Florida’s West Coast has to offer, as a resident, you can discover and explore all that is here, at your own pace.

You can rely on your Tampa real estate representative to provide you with all of the information and assistance that you will need as you become an official “Floridian.” A real estate agent can help you select the neighborhood that best matches your living style and needs. Whether you’re looking for a suitable neighborhood to raise a family in, or a community for adults 55 and over, or looking to settle in where other single, middle-aged people are already living: your real estate agent can help you locate these areas.

Together you and your agent can explore the many housing options available to you. From single-family dwellings to single adult condominium complexes and retirement villas, so that you can choose the one that is best for you. These friendly and knowledgeable real estate representatives can also assist you in obtaining the financing you need to make your dream of relocating to Florida’s West Coast, a reality!]]>

Picture if you will, the opportunity for renewing your spirit any time you need a recharge. Dip your toes into the gentle, warm gulf waters of Tampa Bay. Let your troubles roll out to sea with the tides. As the waves return to once again touch the shores, let them bring you peace and a renewed sense of self. Now that you feel newly invigorated, perhaps you will want to head over to one of the areas more populated beaches, such as Clearwater Beach or St. Petersburg Beach, for some adventure. Take the whole family for a day of fun-filled activities such as collecting sea shells, building sand castles, swimming, fishing, parasailing, or take a cruise for the chance for spotting a whale or a group of dolphins.

You will find exciting activities away from the beaches as well. You can spend the day shopping to find that unique gift for yourself or a loved one. Take in an art gallery or take the family on a historic tour of the area or even to one of the many museums you will find throughout Florida’s Tampa Bay area. When you get hungry, you will find plenty of fine dining and family restaurants to satisfy even the most finicky of eaters.

The Tampa Bay area is also home to some of the best theatre productions, live music, and sporting events to be found anywhere. Attend a play or watch in awe, the beauty of ballet, for a cultural experience your family will not soon forget. The sports fan will be delighted as a spectator at one of the Tampa Bay Buccaneers action-filled football games. Those who like to gamble a bit might enjoy a little time spent betting, at one of the areas Greyhound Racing tracks.

You will find that life along Florida’s West Coast offers on one hand, an oasis from the hustle and bustle of everyday life, and even the influx of tourists that visit Florida each year: but also provides you with many recreational and educational activities to enhance the time that you spend with your family. And of course, you are just a short distance drive from family attractions such as Disney World, Busch Gardens, Universal Studios, Cypress Gardens, and Universal Studios. But unlike visitors who only get to experience some of what Florida’s West Coast has to offer, as a resident, you can discover and explore all that is here, at your own pace.

You can rely on your Tampa real estate representative to provide you with all of the information and assistance that you will need as you become an official “Floridian.” A real estate agent can help you select the neighborhood that best matches your living style and needs. Whether you’re looking for a suitable neighborhood to raise a family in, or a community for adults 55 and over, or looking to settle in where other single, middle-aged people are already living: your real estate agent can help you locate these areas.

Together you and your agent can explore the many housing options available to you. From single-family dwellings to single adult condominium complexes and retirement villas, so that you can choose the one that is best for you. These friendly and knowledgeable real estate representatives can also assist you in obtaining the financing you need to make your dream of relocating to Florida’s West Coast, a reality!]]>

What Is Real Estate Flipping?

Flipping, a.k.a. “house flipping,” “home flipping,” “property flipping,” or “real estate flipping,” is the rapid buying and selling of a single property. For instance, someone buys a house, building, or apartment, for $500,000, and then sells it six months later for $550,000.

Yes, people are actually doing this–people, as in private individuals of no particular wealth, leveraging their retirement savings or even buying using interest-only mortgages or other easy financing. Large real estate investors have been doing essentially the same thing for a long time, particularly in commercial real estate. But what’s gotten the real estate world talking about flipping now is precisely that it is in the residential real estate, and involving private individuals as buyers and sellers. Flipping has transformed the residential real estate market, at least in some regions. What was primarily a series of transactions between current and prospective residents has become a speculative market driven by small investors, much like the stock or bond markets.

As you can see, the phenomenon of flipping real estate is made possible by constantly rising real estate sale prices. Not only that, the phenomenon may very well be feeding into higher property sale prices. Once upon a time, residential real estate demand depended on home buyers looking for a place to live. Flippers add a whole new layer of demand to the mix. A real estate flipper will typically be flipping more than one home at a time, so their impact is magnified even beyond their numbers. In some markets, up to a quarter of all residential real estate sales are estimated to be “flips.”

Real Estate Flipping Scares Some Experts

Many observers, including many economists and seasoned real estate professionals, are feeling anxious about flipping. Their biggest concern is that real estate flipping may lead to instability in the market. Why?

* As already noted, flippers are adding a speculative force to the housing market, causing houses to be valued over and above their perceived intrinsic worth. Indeed, in a number of high-flying markets such as Boston, the Bay Area of California, and Miami, rents have not risen anywhere near as fast as prices. Rent is usually considered to be a good indicator of the real value of real estate. To critics of rising real estate prices, stable rents mean that any rise in housing prices must be due to speculation–not necessarily just flipping, but also people who imagine their homes will increase in value.

* Large numbers of flippers are amateur investors. Like amateur investors in the stock market, they may try to cash out of their investments quickly if there are signs of a serious downturn. As in the stock market, lots of amateur investors all trying to cash out quickly may lead to a crash or at least a downward pressure on prices.

* Many flippers are stretching themselves financially to buy properties. If the market goes down a little bit, it may mean a lot of properties in foreclosure or sold at fire-sale prices. This is on top of the already large number of buyers who seem to be stretching to buy their houses with adjustable rate mortgages and interest-only mortgages.

* Many economists and observers generally believe that the US economy is not doing so great. If the economy took a sudden turn for the worse, it might affect the real estate markets in a very bad way. This would magnify troubles for the flippers, who would in turn pass their troubles onto the real estate markets, compounding a bad situation.

Is Real Estate Flipping Really So Bad?

Suffice it to say, there’s a lot of hand-wringing over the practice of flipping houses. After all, even if it were a sure-fire investment, there would likely be more than a little resentment at the thought of people who need housing having to compete with people who are out to make a fast a buck. But is it really that bad?

Here are some somewhat-good things that can be said about flipping:

* Rentals. Some home flippers are taking the more traditional real estate investment route of renting properties–at least for a little while. With the most optimistic flippers hoping a property will continue building value for another year or more, it only makes sense to get some rental income on it while it’s building property value. So, at least in those cases, a tight housing market won’t be losing space.

* Improvements. Even before “flipping” was a word, handy home buyers would take fixer-uppers and convert them into something more valuable. While there are fewer and fewer fixer-uppers these days, it’s still an important way in which flippers have helped give something back to the community.

* Distressed properties and foreclosures. Enterprising flippers are always looking for housing that’s below-market value. This can be a god-send for anyone who needs to unload a property quickly before it’s on the foreclosure auction block.

In short, love it or hate it, house flipping has become an important part of many US real estate markets at the dawn of the twenty-first century.]]>

Florida’s Tampa Bay area has miles of pristine beaches and beautiful natural landscapes as backdrops for the finest living available for individuals, families, and retirees. Life here can only be described as “Treasured Living.” The sun, silky-smooth sandy beaches, and the warm waters flowing into Tampa Bay from the Gulf of Mexico will allow you an escape from the ordinary stresses of daily life. The museums, restaurants, theatres, night clubs, recreational activities, and close-knit communities will add color, and vibrancy to your life!

When it comes to retirement, everyone has their own idea of what they want their retired living to look like. Some will want to live in larger, more metropolitan areas filled with lots of constant activity, while others want to get away and slow things down a bit. The type of housing desired, will also vary among individuals from condominium living, to manufactured home parks to large waterfront homes. Another consideration for folks coming into their well-earned retirement years is the opportunity to engage in the activities that they enjoy most such as golfing, fishing, boating, shopping, hobbies, and entertainment. The Tampa Bay area can offer a wide-range of options to ensure that your retirement years are truly “Golden,” as you rightfully deserve.

Consulting with a Tampa Bay Realtor is an excellent way to begin the search for your retirement real estate. These representatives are quite knowledgeable about all of the housing and amenities available throughout the area, and thus, they can be a great help as you decide where you would like to live, and what your retirement will mean to you.

If you enjoy an active lifestyle, you might consider relocating to one of the Tampa Bay’s many vibrant 55+, adult communities. These are tight-knit, mini-cities, made up of other retired people who share in the same desires for maintaining an active lifestyle as you.

Some of the best adult living communities are located within Tampa, Clearwater and surrounding areas. Highland Lakes, On Top of the World, and Imperial Cove, just to name a few, located in beautiful Clearwater Florida, are just minutes from the area’s beaches, and offer its residents a community center to gather together for some fun, as well as plenty of outdoor recreational activities to keep you busy. These senior communities are also conveniently situated to nearby shopping, dining, and entertainment resources. Pool and spas are located on the grounds of most of these properties.

Nearby Pasco County, another Tampa Bay area, offers many 55+ communities which are affordable and sought after. Some of the most popular ones are Chateau Village, Eagles Point, Wedgwood Village, Summertree, Heritage Lakes, Timber Greens, and Linkside Village. These communities boast fitness centers to help you get into shape, plenty of recreational activities to help you stay fit, a pool and spa for residents to enjoy, community centers, gated-entries for added security, and spectacular landscaping.

If a 55+ community isn’t for you, and you would rather be among families or professional singles, there are plenty of alternative solutions for your perfect retirement destination. Your local Tampa Bay Florida real estate agent is ready to help you find that solution.]]>

There are three types of retirement plans that are available to you - Individual Retirement Accounts (IRA’s), Corporate Plans and Self-employed Retirement Plans. Each has its own advantages and disadvantages. I will explain the differences in this article.

INDIVIDUAL RETIREMENT ACCOUNTS (IRA’s)

There are two types of IRA’s - the Roth IRA and the traditional IRA. The Roth IRA is not tax deductible and the income is not taxable when it is withdrawn at retirement age. The traditional IRA is tax deductible and is also taxable when it is withdrawn at retirement age. In general the Roth IRA is a better option when you are young or when you will be in a higher tax bracket upon retirement. The traditional IRA is a better option if you will be in a higher tax bracket in the year of contribution.

IRA’s are available to small business owners as well as individuals. There are limitations on allowed deductible contributions based on your adjusted gross income (AGI) for employees and their spouses who are active participants in a retirement plan maintained by the employer.

The maximum contribution for an IRA in 2004 is $3,000. An individual who will be at least 50 years by the end of the tax year is allowed to make a “catch up” contribution of $500 for a total of $3,500. These amounts are projected to increase for the years 2005 through 2007 to $4,000 for those under 50. For those over 50 they can make an additional “catch up” contribution of $500 in 2004 for a total of $4,500. The catch up contribution increases to $1,000 in 2006. You must have compensation at least as much as your IRA contribution in order for it to be deductible.

CORPORATE RETIREMENT PLANS

There are three types of retirement plans available - SEP (simplified employee pension), SIMPLE Plans including Simple IRA and Simple 401k (savings incentive match plans for employees), and Qualified Plans including Profit Sharing Plans, Money Purchase Plans and Defined Benefit Plans.

SEP PLANS

The maximum contribution for SEP plans is the smaller of $41,000 for 2004 or 25% of the participant’s compensation. The maximum deduction is 25% of all participants’ compensation. The last date for contributing to the plan is the due date of the employer’s return including extensions and the plan can be set up any time up to the due date of the tax return.

SIMPLE IRA and SIMPLE 401(k) PLANS

The maximum salary reduction contribution for the employee is $9,000 for 2004. Employees over 50 can make an additional catch up contribution of $1,500 for 2004. The employer contribution and deduction is either dollar-for-dollar matching contributions, up to 3% of the employee’s compensation or fixed non-elective contributions of 2% of compensation. The last date for contribution to the plan for the employee’s portion is 30 days after the end of the month for which the contributions were made. The employer matching contribution is due no later than the due date of the employer’s return. The plan may be setup prior to October 1st of the calendar year except for new corporations which have an extended deadline.

QUALIFIED PLANS

There are Defined Contribution Plans – Money Purchase and Profit-Sharing Plans. There are also Defined Benefit Plans. The key to understanding the difference between these plans is “contribution” and “benefit.” Defined Contribution Plans are based on current compensation. Defined Benefit Plans are based on the amount needed to provide an annual benefit upon retirement. Defined benefit plans work best for someone who has the cash and wants to make large contributions to their retirement. This may also be beneficial to employees nearing retirement that need to catch up on their retirement contributions.

The maximum contribution to Money Purchase and Profit-Sharing Plans is the smaller of $41,000 for 2004 or 100% of participant’s compensation. The maximum deduction is 25% of all participants’ compensation. For Profit Sharing Plans, each year you can choose to contribute anywhere between 0% and 25% whereas Money Purchase Plans require a fixed amount for all of the years so Profit Sharing Plans have a real advantage here. The last date for contribution is the due date of the employer’s return and the plan needs to be set up by the end of the tax year.

For Defined Benefit Plans the maximum contribution is the amount needed to provide an annual benefit no larger than the smaller of $160,000 or 100% of the participant’s average compensation for his or her highest 3 consecutive calendar years. The maximum deduction is based on actuarial assumptions and computations. The last date to contribute is the due date of the employer’s return except for a plan which is subject to minimum funding requirements. In this case the payments are due quarterly. The plan needs to be set up by the end of the tax year.

The expense deduction for all of these plans is deducted directly from income. This is a real advantage for tax purposes vs. a self-employed individual. All employees must be treated equally and get the same benefit as the owners. There can be no preferential treatment to a select few. Therefore, it is important to understand what specific plan works best under your circumstances taking into consideration employees, profit and cash available along with your personal goals. S Corporations shareholders can not take deductions based on their pro rata share of pass-through income from the S Corporation. This can be a real disadvantage for the S Corporation small business.

All of these plans can be relatively easy to set up and some are not very difficult or costly to administrate. Many of them can be accomplished in house and won’t require hiring a pension plan company to create and administer the plan which can become too costly for a small business. T. Rowe Price Associates is one company of many that can provide the retirement plan which will be compliant with IRS Regulations, free of charge. All of their mutual funds are no load (which means you do not pay anything when you buy or sell it) and their funds have a good performance record. You can view their web site at www.troweprice.com/smallbusiness. It has information on individual retirement and workplace retirement plans along with historical performance on all of their funds.

SELF-EMPLOYED RETIREMENT PLANS

The rules are the same as CORPORATE RETIREMENT PLANS except for one important difference. For self employed and partnership entities who have a SEP or Qualified Plan, the deductible contribution for the owner only (not common law employees) is on line 30 of your 1040, not on your Schedule C or Partnership Tax Return. This can be a real disadvantage since it is after your deduction for Social Security and Medicare and your deduction to the plan.

This article was intended to provide general information about retirement plans. It does not contain all the rules and exceptions that may apply to your situation. If you have further questions regarding retirement options, I can be reached at dianne@dgoodmancpa.com or the website and number below.

Happy Retirement!

Coming Soon - What New (and existing) Business Owners Need to Know - Part 1

CONTACT INFORMATION:

Dianne Goodman, CPA
Comprehensive Small Business Solutions, PC
505 323-2307
1 866-531-3035 toll free
http://www.dgoodmancpa.com

You have permission to reprint what you just read. Use it in your ezine, at your website or in your newsletter. The only requirements are send an e-mail to dianne@dgoodmancpa.com and include the following footer…
Retirement Planning for Small Businesses by Dianne Goodman, visit http://www.dgoodmancpa.com for more content like this.]]>

Retirees who plan on continuing to work in their “golden years” should know that state taxation of such income varies widely. Some states give retirees favored treatment on earned income, some treat retired seniors like everyone else, and some impose no tax at all on earned income. Taxation of investment income shows nearly as much variation between states. Retirees in a new domicile must also watch out for unexpected municipal income taxes.

Income from government, military, private pension and other retirement plans is growing increasingly important to the survival of retired individuals. Some states exempt all such pension income from taxation, while others exempt certain types or place limits on non-taxable pension income. Some states even tax former residents on retirement plan withdrawals, creating the possibility of paying income tax in two states. Some states follow federal tax formulas for taxation of Social Security benefits, others have their own formulas, and some tax benefits not at all.

Sales and property taxes must also be considered. Again, some states offer property tax advantages to retired seniors while others provide homestead exemptions. Retirees should consider sales taxes when estimating their retirement budget for such items as clothing, household goods, food and drugs.

It is also important not to overlook the effect of estate taxes upon the surviving spouse. Some states do not provide an unlimited marital deduction. Property ownership laws must also be examined in this area when considering the distribution of possessions upon death. Changes in these laws must be monitored as many states will attempt to make their financial environment more appealing to retirees.

All retirees weigh the cost of living, weather, nearness to relatives and recreational opportunities in their decision to settle in their retirement community. The tax climate should also be examined to analyze the financial situation during retirement. Working with an experienced financial planner, as well as a tax advisor, is often recommended to those looking for a retirement home.]]>

Anyone is eligible for a reverse mortgage loan, even if they have no income. Your home must be a single family residence in a one to four unit dwelling, a condominium or some type of manufactured home. Cooperatives and most mobile homes are not eligible. The home must be at least one year old and you have to first meet with an authorized counselor.

You can obtain the loan as a lump sum payment, a fixed monthly amount or as a line of credit that you use whenever you need it. The money can be used for just about any purpose. This can include paying property taxes or medical bills, home repairs and improvements, paying off credit cards or just daily living expenses. The amount of money you receive depends upon your age, the amount of equity in the home, its appraised value and current interest rates. The reverse mortgage loan does not have to be repaid until you sell the home, permanently move out, or pass away. Your loan could also become due if you allow the property to deteriorate, you fail to pay property taxes or hazard insurance, or if the last surviving borrower does not occupy the home for 12 months in a row due to illness.

There are some fees involved with a reverse mortgage loan, similar to those you would incur with a regular mortgage. These include origination fees which cover the lenders operating expenses and are currently capped at the greater of $2,000 or 2% of the maximum FHA loan limit. In addition you will be required to take out mortgage insurance and pay an appraisal fee which ranges between $300 - $400. Other closing costs include fees for a credit report (usually under $20), flood certification, closing and title search, document preparation, recording, courier, pest inspection and a land survey. In addition, a monthly service set-aside fee of $30-35 per month will be charged.

When you meet with your counselor, you should be able to obtain all the reverse mortgage information you require before you make your final decision. It will be nice to have the option of staying in your own home if that is what you desire.]]>