- About Us
- Small Business Taxes
- Tax & Accounting Services
- Contact Us
I recently suggested to my son that he open a Roth IRA. Here are the 3 reasons why.
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 … Continue reading »
To be eligible for a Roth IRA you need to have earned income. This is typically from wages earned as an employee. Earnings from self-employment also qualify. The annual contribution is the lesser of your earned income or $5,000. The contribution can be made at any time during the year and up to April 15th following the year.
The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA.
Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their IRA to a qualified charity. This is known as a Qualified Charitable Distribution. The donation must be made directly from the … Continue reading »
The New Year’s celebrations are over.
The New Year’s Resolutions are starting. We’ll see how long they last.
Many people feel income taxes are going up. I’m confident they are for the higher income earners.
The Federal Government avoided the Fiscal Cliff...Well, for now any way.
At the very last minute they passed the American Taxpayer Relief Act of 2012. Here are some of the highlights: