Archive

30Oct2017

Convert Your Traditional IRA to a Roth IRA Too Soon?

  Article Highlight:  Converting Traditional IRA Funds to a Roth IRA Recharacterizations – Undoing the Conversion Benefits of Recharacterizations Recharacterization Timing When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion.   However, individuals frequently do this so they can take advantage of future tax-free accumulations. Distributions

26Oct2017

Ignoring Those IRS Notices Only Makes It Worse

Article Highlights:  IRS Informational Forms Computer Matching IRS Correspondence Procrastination Need for Professional Review Remember those 1099s, W-2s, K-1s and other informational forms you receive each year reporting your interest, dividends, sales, wages, retirement income, IRA withdrawals, health insurance forms and other items having to do with your tax return? Well, the IRS also gets

16Oct2017

Hiring the Right Employee Can Get You a Big Tax Credit

    Article Highlights:  Potential Credit Eligible Employees Credit Determination Certification Process Other Issues If you are an employer who is willing to help disadvantaged individuals, you could benefit from a substantial federal tax credit. Hiring certain new employees can qualify you for the work opportunity tax credit (WOTC). The WOTC is typically worth up

12Oct2017

What is an RMD?

  Article Highlights:   Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution Beneficiaries IRA-to-Charity Transfers Required minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does

09Oct2017

Natural Disaster Charity Volunteer Tax Breaks

    Article Highlights:  Away-from-home travel Lodging and meals Entertaining for charity Automobile travel Uniforms Substantiation requirements If you volunteered your time for a charity in the aftermath of a natural disaster, you probably qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a qualified charity