Roth IRA Conversion

  • May 05, 2018
  • Categories: Taxes, Personal

Oversight group says Roth IRA conversion reviews need improvement. The IRS must strengthen how it handles potential noncompliance for Roth IRA conversions, the Treasury Inspector General for Tax Administration (TIGTA) said. The IRS allows some individuals to convert to traditional IRAs if they pay tax on the conversion. TIGTA...

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Protecting Americans from the Tax Hikes Act of 2015

  • May 05, 2018
  • Categories: Taxes

On December 19th, both the House and the Senate passed “The Protecting Americans from the Tax Hikes Act of 2015” Act and will be signed into law within the next few days. This new act does considerably more than just the typical tax extenders legislation has seen in prior years....

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Identity Theft – Preventative Measures You Should Be Taking!

  • May 05, 2018
  • Categories: Taxes

As your trusted consultant, we suggest the following:

Truncate Social Security Numbers (SSNs) where possible or mask them on insurance cards. Monitor credit reports (this goes for personal and business) at least annually. Request that clients forward any IRS notices immediately. Keep Social Security cards and financial information...

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Some Early 401(k) Withdrawals Are Penalty-Free

  • May 05, 2018
  • Categories: Taxes, Personal

To encourage workers to set aside money for retirement, Congress modified the tax law in the late 1970s. The new provisions offered certain tax advantages to companies that established “defined contribution” plans. Unlike traditional pensions, such plans do not provide for specific pension payouts during retirement. Instead, they establish...

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Dependents Can Be A Complicated Tax Issue

  • May 05, 2018
  • Categories: Taxes, Personal

Most taxpayers believe that a “dependent” is a minor child that lives with them. While that is essentially correct, dependents can include children and parents, other relatives and nonrelatives, and even children who don’t live with you. There is really much more to the dependent deduction than you...

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Do You Have Unrelated Business Taxable Income In Your IRA?

  • May 05, 2018
  • Categories: Taxes, Personal

What does unrelated business taxable income have to do with your IRA?

You probably think of your individual retirement account as a personal savings vehicle, not a business. Yet it’s considered a trust, and in some instances earnings in your account that are generated by a...

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Education Benefits Can Cut Your Tax Bill

  • May 05, 2018
  • Categories: Taxes, Personal

Dorm, sweet dorm. After organizing your college student’s new digs, it’s time for an extra credit assignment: sorting out the education benefits you can claim on your 2013 federal income tax return.

In general, tax breaks for education fit into three broad categories.

Deductions, such...

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IRS Publishes Ten Facts On Amending A Tax Return

  • May 05, 2018
  • Categories: Business, Taxes

If you discover an error or omission on a tax return you’ve already filed, you can fix the mistake by filing an amended tax return. The IRS recently issued ten facts taxpayers should know about amending a return. Here’s a quick summary.

Use Form 1040X (Amended...

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How To Handle Claims Against Estates

  • May 05, 2018
  • Categories: Taxes, Personal

As an executor, it’s your responsibility to settle the estate you’ve been entrusted to administer. An important part of your job is identifying legitimate expenses of the estate and paying those bills in a timely fashion.

One reason for diligence on your part has to...

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Check Your 2013 Estimated Tax Payments

  • May 05, 2018
  • Categories: Taxes

Figuring your quarterly estimated tax payments is not quite as complicated as winning a jelly-beans-in-a-jar counting contest. Still, new rules, including higher tax rates, limits on itemized deductions, and two Medicare surtaxes, add a different flavor to the calculation this year.

For example, say you and your...

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