Tips for recently married taxpayers
If you got married this year (or will be married by the end of the year), keep in mind the following helpful hints as tax time approaches: Social Security Administration: If you or your spouse change...
View ArticleTaxation of IRA distributions
Distributions from an individual retirement account (IRA) are generally taxable, depending on the type of contributions made. If the contributions were made pretax, then tax must be paid on the entire...
View ArticleInherited IRAs exempt from bankruptcy
A recently settled Wisconsin district court case confirms that an inherited IRA is exempt from bankruptcy. This decision reversed a Wisconsin bankruptcy court’s conclusion that an inherited IRA did not...
View ArticleIRA rollover distribution mistakes can increase tax liability
Upon retirement or changing jobs, it is common practice to rollover funds from a qualified retirement plan into an Individual Retirement Account (IRA). However, to discourage the use of pension funds...
View Article2012 tax strategy: consider a Roth IRA conversion
Converting a traditional IRA to a ROTH IRA in 2012 may be a beneficial tax planning strategy. Consider that pending any further legislation, individual tax rates are scheduled to increase in 2013 for...
View ArticleLegislation extends IRA charitable rollovers
Under the American Taxpayer Relief Act of 2012, the $100,000 IRA charitable rollover provision has been reinstated for 2012 and extended through 2013. This provision, which previously lapsed on Dec....
View ArticleImpact of higher tax rates on Roth IRA conversions
Taxpayers should be aware that traditional IRA holders have a chance for potential income tax savings with the 2013 tax increases. Tax savings can be realized by traditional IRA holders that convert a...
View ArticleSEP IRA vs. SIMPLE IRA: Which plan makes cents for you?
One of the most popular ways for small business owners and self-employed individuals to save on their tax bills and keep their employees happy is to max out their retirement plan contributions....
View ArticleIRA rollovers: what you may not know!
There are numerous rules regarding IRA rollovers – here are a few of which you may not be aware: You can “borrow” money from your IRA without incurring tax consequences, as long as you redeposit the...
View ArticleTax deductions still available for 2013
Even though it’s 2014, taxpayers should be aware that there are provisions in the Internal Revenue Code that allow certain deductions to be taken on their current 2013 tax return if the amounts are...
View ArticleTake advantage of the Saver’s Credit
The Retirement Savings Contributions Credit (Saver’s Credit) is a reward for taxpayers who make active contributions to a retirement account. The contribution must be made within the past year to a...
View ArticleDetermining which retirement planning account is right for you
Advances in the medical community have led to longer life expectancies for Americans – and therefore, an increased need for retirement planning to make sure you don’t outlive your retirement income....
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