Most reports of the proposed 2008 Economic Stimulus Plan state that the rebates will be phased out for taxpayers with high incomes. The only details normally reported is that phase-outs begin at $75,000 for individuals and $150,000 for couples.

Here’s how it will actually work:

Figure out your rebate (including child credits) as if there were no limits. Then subtract 5% of the amount your income is over the limits for an individual or couple.

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The contribution limits for Roth and Traditional IRAs for 2008 are:
$5,000

The Catch up provision brings the limit up to $6000 for people aged 50+.

Note that those with high incomes may have reduced limits for Roth contributions. Married couples with adjusted gross incomes above $160,000 can’t contribute to a Roth, for instance.

401K Contributions Limits for 2008 are:

$15,500

The Catch up provision brings the limit up to $20,500 for people aged 50+.

Forming a business is a great way to add legitimacy to your company. In addition, you’ll likely see many legal tax advantages and limitations of your personal liability.

While the benefits are great, the formation process can seem daunting. Sure, you can cheap out and do it yourself, but you’ll likely be left wondering if things were done properly. To take the guesswork out of the process you can use a formation company. Of the many out there offering this service, BizFilings seems to be the best. Not only have they been doing it for more then a decade, they’ll stand behind you and help you long after the formation is complete. They provide free registered agent service for 6 months with formations.

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Two things to remember, especially when you’re first starting out in investing, are commissions and taxes.

Commissions:

After I made my first few investments I had a small amount of cash left in my account. So I picked a cheap ($10) stock and bought a few shares. The stock really took off and after a year it had gone up 20%. That’s a pretty nice gain, but the value of my investment was so small that the commissions ate up a large chunk of that gain.

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