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...

Read More

Pet Scams Steal Your Money

  • May 05, 2018
  • Categories: Personal

Cat and dog lovers beware! Con artists are on the prowl for folks who own or want to adopt cuddly puppies or exotic felines. Common schemes include the following:

Pay to get your lost pet returned. A fraudster sees your lost pet advertisement in the newspaper or a...

Read More

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...

Read More

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...

Read More

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...

Read More

Watch Out For Moving Company Scams

  • May 05, 2018
  • Categories: Personal

Perhaps you’re a young adult trekking across the country to a new job, or a mid-career professional scanning the horizon for greater opportunities. Maybe you’re a baby boomer nearing retirement, looking to downsize and move closer to grandkids or aging parents. Whatever the reason for your change...

Read More

Should You Transfer Your 401(k) To An IRA When You Retire?

  • May 05, 2018
  • Categories: Personal

If you’re approaching retirement, you may be wondering where to park the money that’s sitting in your employer’s 401(k) plan. Should you transfer the balance to an Individual Retirement Account (IRA) as soon as you retire? Should you take a lump-sum payment and reinvest the money...

Read More

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...

Read More

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...

Read More

Get Ready For The Net Investment Income Tax

  • May 05, 2018
  • Categories: Taxes, Personal

Are you ready for the impact of the net investment income tax? This new 3.8% tax will appear for the first time on 2013 federal returns — and you don’t want to wait until next April to find out if you’ll have to pay.

Here’s a quick...

Read More