For those of you who converted your traditional IRA to a Roth IRA in 2015 and are watching the market value of that IRA fall, there is relief available to you. You can reverse your previously made … [Read more...] about IRA Recharacterization – “Heads I Win, Tails You Lose”
IRS Tax Planning Ideas, Tips & News
ANNUAL PHYSICAL INVENTORY REQUIREMENT
When working with clients on tax preparation and tax planning, one of our focuses is to minimize the likelihood of an Internal Revenue Service (IRS) audit. It is surprising how many business owners do … [Read more...] about ANNUAL PHYSICAL INVENTORY REQUIREMENT
TAX PROBLEMS OF ACCIDENTAL AMERICANS
A tax attorney recently shared this story with us. It illustrates the complexity of the Internal Revenue Code and how ignorance of the tax laws can be devastating for someone who doesn’t use a tax … [Read more...] about TAX PROBLEMS OF ACCIDENTAL AMERICANS
PROFIT MOTIVE NEEDED TO DEDUCT TAX LOSSES
If you are using your tax professional only for tax preparation services, you are short-changing yourself. An experienced tax professional is an excellent resource for tax planning strategies. One … [Read more...] about PROFIT MOTIVE NEEDED TO DEDUCT TAX LOSSES
PROCRASTINATION – PROBLEMS ARISE WHEN FILING FORM 1040 LATER RATHER THAN SOONER
When working with clients on tax preparation and tax planning, we recommend that our clients file their individual tax return, Form 1040, as early as possible. The due date for filing Form 1040 is … [Read more...] about PROCRASTINATION – PROBLEMS ARISE WHEN FILING FORM 1040 LATER RATHER THAN SOONER
OBAMA & CONGRESS WANT TO CLOSE 3 RETIREMENT LOOPHOLES
Reuters has reported Click Here to Read Full Article that President Obama and Congress are looking to close 3 tax loopholes. The first loophole is one that we discussed in our March 7, 2012 Blog … [Read more...] about OBAMA & CONGRESS WANT TO CLOSE 3 RETIREMENT LOOPHOLES
