3 Reasons I Encouraged My Son to Open a Roth IRA

I recently suggested to my son that he open a Roth IRA.  Here are the 3 reasons why.

 

 1) He’s Young

The Roth IRA offers a huge advantage over a regular IRA. This is particularly so for younger people.  With the IRA you are (generally) allowed a tax deduction for this.  The IRA grows tax deferred. You can begin to take distributions after age 59 1/2 without penalty.  You must begin taking distributions after … Continue reading »

How to Get an IRS Tax Penalty Waived

 

The Internal Revenue Service (“IRS”) has many tax penalties for taxpayers that fail to meet certain requirements.

Some of these penalties are:

How to Save $267,892 of Income Tax, Penalties and Interest

A new client came to us late last summer.

She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I don’t know about you, but that’s a lot of money to me.

As we reviewed the paperwork she provided, it quickly became apparent she did not declare the sale of … Continue reading »

4 Easy Steps to File Your Income Tax Extension

Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension.

 

 

1) Prepare a Tax Projection

Why I Work for the Top 1%

Recently there has been a lot of noise about the top 1%. They certainly have taken a beating.

This was highlighted by the Occupy Wall Street Movement last year.

It has received significant attention during the Election.

There are several different ways to define the top 1%.  In the interest of simplicity, we are saying its income over $400,000 per year.

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