Banks that are keen to get savers investing their cash in an Isa appear to be setting up new deals earlier than usual this year, according to Moneyfacts.co.uk.
While the number of available products does not normally peak until February, this year many of the major institutions have already released their new Isas.
The number of available Isas has more than doubled in the past year, with consumers now able to pick from 84 products, compared to 39 in 2009.
Michelle Slade, spokesperson for Moneyfacts.co.uk, said: “Isa savers will be further cheered as the increased cash Isa allowance of £5,100 is opened up to all savers from the start of the new tax year and not just the over 50s.”
Individuals who choose to invest in with a building society may find they are receiving more interest than those who opt for a bank, after a survey by the price comparison site found that building societies provide greater consistency in the rates they offer than other institutions.
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A few years ago, a colleagueconfided in me abouthis tax lien problem. When his computer business failed, he found himself owing the IRS around $15,000. He promptly set up a payment plan and began faithfully making payments. He was shocked, then, when the IRS filed a tax lien on his property. The tax lienshowedup on his credit reports,and hiscredit scoresplummeted, making itvirtually impossible to borrow, much less get a new business off the ground. “I am making payments as agreed,” he protested. “Why do they need to file a lien?”
Tax liens are a vexing problem for both individuals and small business owners. On personal credit reports, they remain on credit reports longer than any other type of negative information and fall into the same category as bankruptcy, foreclosure or repossession. Tax liens dropcredit scores by an average of 100 points, according to VantageScore. Business credit reports will also list tax liens filed against businesses, andthatlien can be a deal-breaker for a company looking for a business loan.
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WASHINGTON – President Barack Obama phoned Senate allies Saturday as two key senators predicted that embattled Federal Reserve Chairman Ben Bernanke will be confirmed for a second term.
Obama made calls from the White House to members of the Senate leadership and others and was assured Bernanke would win confirmation, a senior White House official told The Associated Press. The official spoke on the condition of anonymity to discuss the private phone calls.
If Bernanke’s nomination were derailed it would send tremors through Wall Street, which in turn could hobble an already fragile economic recovery and slow any comeback in the ailing jobs market. The mounting opposition to Bernanke was one of the factors worrying investors as the stock market suffered its worst setback in more than 10 months this week, losing 552 points from Wednesday to Friday.
Bernanke is widely credited with helping to prevent the Great Recession from turning into a second Great Depression. B
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How do you calculate the asset allocation in your investment portfolio: before or after tax? The before- and after-tax allocations can be quite different and you could be taking on more risk than intended, claims Professor Moshe Milevsky in his new book, Your Money Milestones: A Guide to Making the 9 Most Important Financial Decisions of Your Life.
To use a simplified example, say you have $100,000 in bonds in a tax-deferred account such as an RRSP and $100,000 in stocks outside an RRSP. You might think you have $200,000 in capital with 50% allocated to bonds and 50% allocated to stocks.
“Alas, you would be wrong,” says Milevesky.
First, if your tax bracket is 40%, your net capital is only $140,000 because $40,000 in your RRSP and $20,000 on your stocks are owed to the tax man. They are liabilities. Second
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NEW YORK — The Port Jervis Line, already service-poor, could lose two of its 26 weekday trains if Metro-North Railroad’s proposed service cuts are implemented this summer.
The railroad plans to eliminate the 9:20 a.m. train from Port Jervis to Hoboken, as well as the 6:27 p.m. train from Hoboken.
At the same time, the departure of the next morning train, the 11:31 a.m., would be moved up and the departures of the next evening trains, the 7:02 p.m. and the 7:57 p.m., would be adjusted.
What do you think?
Are you a commuter who takes the Port Jervis Line? If so, please share your thoughts. Send an e-mail to commuting reporter Judy Rife. Please include your full name, hometown and a phone number where we can reach you (not for publication).
The cuts, released Friday, are part of the Metropolitan Transportation Authority’s plan to cover a $400 million shortfall in revenue through reductions in commuter rail, bus and subway service.
Public hearings on the plan, which would take effect this summer, will be held in March. D
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