All You Need to Know about the New Tax Extender Legislation

January 19th, 2016

Congress has reached a bipartisan agreement on tax extenders, aptly named “Protecting Americans from Tax Hikes Act of 2015”. Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to reduce tax fraud. Here is a look at some […]

Tax Filing Deadline Rapidly Approaching

April 9th, 2013

Just a reminder to those who have not yet filed their 2012 tax return that April 15, 2013 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. In addition, the April 15, 2013 deadline […]

Has Your 2012 Roth-Converted IRA Declined in Value?

March 12th, 2013

If you converted your traditional IRA to a Roth IRA in 2012 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to an unexpected poor investment performance, you still have an opportunity to do something about it. If you filed your return on time or are […]

It’s Not Too Late

February 21st, 2012

It’s not too late to make an IRA and/or SEP contribution or undo a Roth IRA conversion for 2011. Generally, after the close of the year you can no longer take steps to alter the outcome of your tax return. However, both IRA contributions and SEP contributions can be made for a year after it […]

Last Year for Tax-Free Charitable Donations from IRAs

October 25th, 2011

If you are 70.5 years of age or older and are considering making a donation to a charity, you may wish to consider the option of making the contribution from your IRA account. For 2011, you can donate up to $100,000 to your favorite charity, provided it is an eligible charitable organization, tax free from […]

Manage the Tax on Your Social Security Benefits!

August 30th, 2011

Social Security (SS) income is not taxable until a taxpayer’s AGI (without Social Security income) plus 50% of their Social Security income plus tax-exempt interest income, and plus certain other infrequently encountered additions exceeds a specific threshold. The threshold is $32,000 for married taxpayers filing jointly, zero for married taxpayers filing separately and $25,000 for […]

Did You Take an Early Distribution from Your Retirement Plan?

April 25th, 2011

In today’s economy, some taxpayers may need to take money out of their retirement plans to make ends meet. If you have or are contemplating on taking a distribution, there are some very important and unexpected tax issues you need to be aware of. Withdrawals from tax-deferred retirement accounts, such as Traditional IRAs are generally […]

2011 Required Minimum IRA Distributions

January 21st, 2011

Now that the New Year is here, you can begin taking your required minimum distribution (RMD) for 2011. The following is an overview of the rules regarding these mandated distributions for older taxpayers. The IRS does not allow IRA owners to keep funds in a Traditional IRA indefinitely. Eventually, assets must be distributed and taxes […]

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