Newsletter Archive

Marotta On Money - July 02, 2010 Newsletter


Taxes and Tax Management

Virginia Land Preservation Tax Credits (06-28-2010)

A dollar saved on your taxes is more valuable than a taxable dollar you earn from your salary. The Virginia land preservation tax credit can reduce your state taxable income by 16%. For example, if you owe $3,000 of Virginia state tax, it will save you $480. If you owe $30,000, it will save you $4,800. Other states have similar programs, but the details vary. Every Virginia taxpayer can profit from this technique. The process begins with landowners who donate a conservation easement against their land. In this legal document, owners of private property give up some of their development rights.
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In The News

Summer is a great time to think about financial planning.

Summer is one of the best times for us to help a new family get their financial house in order. Usually it is a quiet time when we can gather information, identify goals and make plans for the coming school year. The first few steps of wealth management require calendar time and summer provides enough calendar time so that we are ready by the time fall arrives.

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Retirement Savings 101: Self-Employment Options (07-02-2010)

*Question: I am a self-employed consultant with no employees. Do you suggest an individual 401(k) or a SEP IRA for my retirement savings?* *Sincerely,* *Weighing My Options* Dear Weighing My Options, The simplified employee pension (SEP) plan and individual 401(k) plan both are advantageous for self-employed business owners. But I typically recommend the individual 401(k). It‘s more flexible and carries a more powerful tax savings punch. With both plans you can vary your contributions from year to year. But only the individual 401(k) (also known as a “solo 401(k) “) offers you the option to defer the first $16,500 of income.
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Retirement Planning