Mortgage and Loans - Mortgage Refinance, Home Loans |
- Small Business Applauds the Sep Retirement Plan
- Mortgage market and interest rate commentary for Tuesday December 21, 2010
- Tax on Short Sale, Loan Modification and Foreclosure – Recourse vs Non-Recourse Mortgages
- How is an insurance company denying coverage different than the death panels we've been told to fear?
| Small Business Applauds the Sep Retirement Plan Posted: 13 May 2011 01:01 AM PDT  Selecting a trustee for the Sep retirement plan is a critical decision. The company that holds the SEP plan for the business is responsible for executing investments on behalf of the participants and for completing paperwork and notifications to the employees about their account. The trustee for a Sep retirement plan is normally a bank, brokerage house, or other IRS-approved financial institution. The legal document for the plan is Form 5305-SEP, which the employer fills out and retains as the reference that describes the plan’s terms. A copy is provided to the participating members . The business owner is responsible for forwarding the employee contributions to the trustee, and keeping the trustee aware of all status changes among the employees . For example , new workers can be added to the Sep retirement plan as long as they meet qualification requirements. To qualify for the Sep retirement plan, the employee will be at least 21 years of age and have worked for the company three of the past five years. Contribution limits per employee are capped at the lesser of $49,000 annually or 25% of the employee’s compensation. The business owner is not required to make contributions every year. It’s up to the employer to decide on the percentage if a contribution is to be made, but contributions must be equal for all eligible employees. Money from a Sep retirement plan can be withdrawn at any time, but is subject to income tax for the year in which the employee takes a distribution . Withdrawing money from the Sep prior to age 59 ½ years old can subject the withdrawal to an additional 10% penalty tax. Distributions from the SEP must begin when the participant reaches age 70 ½ years old. Participants cannot take loans from their Sep retirement plan, but are allowed to roll it over tax-free into another SEP IRA, another traditional IRA, or another employer’s qualified retirement plan.  |
| Mortgage market and interest rate commentary for Tuesday December 21, 2010 Posted: 12 May 2011 07:47 PM PDT  Mortgage market and interest rate commentary from Bruce Brown, CMPS with Pulaski Bank Home Lending and radio host of Dollars and Homes on KCMO Talk Radio 710 in Kansas City.
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| Tax on Short Sale, Loan Modification and Foreclosure – Recourse vs Non-Recourse Mortgages Posted: 12 May 2011 07:16 PM PDT  realestatemarketingthisweek.com – Arizona is not a recourse state, so chances are you will not owe 1099 C Income – Part 6 – In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your wages because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that person had taken out. Threatening to send it to collections and garnish her wages. It simply isn’t going to happen. But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont understand the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It’s not like you just didn’t make your mortgage payment, so you go file bankruptcy, it’s just not realistic. Assuming bankruptcy is the last resort option for everybody. And we certainly want to avoid that, it would not be sound financial advice from any credible source that I can think of. Let’s walk through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they’re thinking, oh my gosh. I should have known about the tax implications, a short sale versus loan modification. Let’s start at the top and work through a quick …
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| Posted: 12 May 2011 02:36 PM PDT  Insurance companies already decide who they will cover, what procedures they will cover, and use deductibles to make us pay for many procedures anyway. Is it just that we are supposed to trust them more than the government? Or is it that government shouldn’t be considering costs, but a business is allowed to?  |
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