As we greet the New Year, we have the opportunity to look ahead and make some financial choices to improve our "Financial Fitness." Where to start? Let's explore some of the most important signs ahead.

Senate Passes Year-End Tax Bill: What's in it for you?
In December 2010, President Barack Obama signed into law The Reid-McConnell Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The Act now extends until the end of 2012 and it offers citizens a variety of benefits, especially in the areas of estate tax and individual income tax. Here are some highlights...

» CLICK HERE to read entire article.

The new Tax Relief Act of 2010, signed on December 17, 2010, includes an extension of the qualified charitable distribution (QCD) provision. The extension is retroactive from January 1, 2010, to December 31, 2011. Because it was passed so late in the year and taxpayers didn't have enough time to plan for these distributions, Congress decided that you could take the distribution in January 2011 and have it treated as a 2010 distribution, satisfying the 2010 required minimum distribution (RMD) as well. However, this worked only for those people who had not taken their RMD before the Tax Relief Act was signed. The Act did not make any provisions for those who had already taken distributions to put those funds back into their IRA and then have the funds go directly to a qualified charity (this is called a 60-day rollover, which is against IRS rules to perform with an RMD). There will be more guidance from the IRS as to how this will need to be handled on your tax return. As of the date this article was written, no guidance had been given.

For 2011, this is much more straightforward. For taxpayers or beneficiaries who are at least age 70½, a direct transfer from an IRA, SEP IRA, or SIMPLE IRA (not a 401(k), 403(b), or other qualified employer retirement plan, as this is just for accounts that have "IRA" in their name) to a qualified charity can be made without having that transfer included in their income and can be used to satisfy the account owner's RMD for the year.

» CLICK HERE to read entire article.

A survey conducted by Kellogg Company last year showed that roughly nine of ten New Year's resolutions are health-related. While this underscores the importance people place on their physical health, let's not forget about financial health when making resolutions. This issue of eNews focuses on financial fitness in 2011 and, hopefully, you will be motivated to set some goals that will improve the health of your finances this year. At the beginning of 2011, we're taking the opportunity to review the financial fitness of our nation and the progress we're making toward a healthy economic recovery.

» CLICK HERE to read entire article.