Hi, Website Visitor. Here are your Articles for May 27, 2008.
Needel, Welch & Stone News & Updates
Wash Sale Rule Extended to IRAs
The IRS has finally issued the definitive word on "wash sales" inside an IRA. Basic premise: Normally, if you incur a loss on the sale of a security, you can use the loss to offset annual capital gains plus up to $3,000 of ordinary income. But the wash sale rule prohibits you from deducting the loss if you buy back substantially identical securities within 30 days before or after the sale.
The Economic Stimulus Act of 2008 increased the annual limits for the Section 179 "expensing" deduction. For 2008, your business can currently write off up to $250,000 of qualified business assets placed in service during the year. Prior to the new law, the maximum deduction was $125,000 (inflation-indexed to $128,000 for 2008).
Kevin White has been approved by the Governor of Massachusetts to hold a position on the Advisory Board to the South Shore Tri-Town Development Corporation. The Advisory Board reviews the annual reports and annual budgets of the Corporation to prepare comments and make recommendations to the governor, the general court and the towns regarding the health of the Corporation and its redevelopment program at the Former Naval Air Station Base. More information on the South Shore Tri-Town Development Corporation can be found by visiting www.ssttdc.com.
This April, for the second time, Chris Ernest traveled to Juticulpa Honduras to volunteer with the Olancho Aid Foundation, Inc. (http://www.olanchoaid.org/) for eight days. Olancho Aid is a Honduran non-profit organization which is dedicated to providing educational opportunities to the youth of Honduras in hopes of helping them improve their community and their country.
Click "Full Article" below to learn more about Chris's trip to Honduras.