Introduction

If you are new tax client this year, Welcome! 
If you are an existing client, Thanks for coming back!
We’d like to remind everyone that your income tax preparation fee includes year-round tax help and planning.  We encourage you to call us and stay in touch throughout the year; we are here to help!  Business owners should visit us mid-year and again at year end to make sure we are working your tax strategy BEFORE December 31st.  Individuals can also take advantage of a year-end review before tax season.

Multop Financial’s New Client Library

Over the past several years, we have collected a variety of investment books; some of which represent sound financial principles and others that represent the "trend of the day".  It's our job to stay apprised of reading material available to consumers in bookstores, and therefore, we have ended up with a fairly extensive collection.  Clients who have exposure to a variety of opinions, as well as knowledge about the basics of investing and historical trends are more prepared to make decisions and better able to set their long term goals and expectations.  Our collection of books is available for clients to borrow.  If there is a book on the list that interests you, stop by and sign it out.  We must disclose that books in the library don't necessarily represent our opinion of what is good or bad for any particular client; nothing can replace a personal consultation and comprehensive financial plan.  But you might find some of the material interesting and entertaining and at least good "food for thought".

Multop Financial’s Client Library

Tax Tip – Contribution Limits for 2010

It is estimated that Social Security will pay the average retiree about 40 percent of pre-retirement earnings.  Many experts estimate that Americans will need 60 to 80 percent of their pre-retirement income –lower income earners may need up to 90 percent to maintain their current standard of living when they stop working. Thus, here are some important updates for 2010 to make sure you are contributing enough to your retirement. 

For 2010, 401(k) contribution limits remain at $16,500.  However, if you reach the age of 50 by December 31,2010, you will be allowed to contribute an additional $5,500, for a total of $22,000. These limits also apply to 403(b) and Section 457 plans.

The SIMPLE IRA contribution limits remain the same for 2010, allowing $11,500 to be contributed unless you are age 50 or older, then an additional $2,500 may be contributed.

Traditional IRA limits remain the same from 2009, allowing $5,000 to be contributed in 2010, unless you reach the age of 50 by 2011, then you can contribute an additional $1,000.

The income limitations for contributing to a Roth IRA have changed slightly for taxpayers who are married and file jointly.  For these filers, if the modified adjusted gross income (MAGI) on the tax return is above $167,000, the Roth IRA maximum begins to reduce to zero, phasing out completely with a MAGI of $177,000.  Those amounts have increased by $1,000 since 2009.  For taxpayers who file as single, the phase-out begins at a MAGI fo $105,000 and the benefit is fully eliminated with a MAGI of $120,000.  It should be noted that these income limits do not apply for conversions from Traditional IRAs to Roth IRAs.

Monthly Reminders

A couple of reminders for upcoming deadlines:

• 2/16 is the deadline for providing Forms 1099-B and 1099-S to recipients.
• 3/1 is the deadline for employers to send W-2 copies to the Social Security Administration (Electronic filers have till March 31 to file.)
• 3/1 is the deadline for Farmers and Fisherman who did not make estimated tax payments to file 2009 tax returns and pay taxes in full.

About Multop Financial

Multop Financial is comprised of Financial Advisors, Tax Specialists and CPA's working together to provide financial management over a client’s lifetime.  We employ a team approach to ensure the continuity of your planning.  What can we do for you today?

www.Multop.com

Multop Financial
333 Calluna Ct
Suite 205
Bellingham, WA 98226

Phone: (877) 671-7980
Fax: (360) 671-4963
Email: info@multop.com

* Please note that individuals who are selected by Goldline Research as Wealth Management Leading Providers do not pay a fee to be included in the research or the final list of wealth managers, however, there is a fee associated with the use of the Goldline Research logo and other marketing materials. Wealth Managers who are included on the Goldline Research Wealth Manager list must meet the following criteria:

• Fee Only, Fee Based or RIA
• No Unresolved Lawsuits or Grievances
• Advanced Certifications Held
• Comprehensive Range of Wealth Management & Financial Planning Services Offered
• 20+ Years of Industry Experience

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