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4 Reasons to do a Roth Conversion

Posted in Tax News on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. A Roth Conversion is when funds are taken out of an IRA and converted into a Roth IRA. This conversion results in taxable income. Here are 4…

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5 Easy Ways to Save Taxes with the SECURE Act

Posted in Estate Planning, Tax News on January 2, 2020
hand on dollar bills

President Trump recently signed legislation called “Setting Every Community Up for Retirement Enhancement” (SECURE Act).  This legislation has 29 provisions in it and will affect many investors saving for retirement. One of the biggest changes is the removal of the…

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Don’t Take That Required Minimum Distribution (RMD) Just Yet!

Posted in Tax News on June 12, 2019

Clients who will be turning 70 ½ this year are being advised to PAUSE with regards to taking their Required Minimum Distribution from their IRA for 2019.   Clients of this age AND who have an IRA or a 401(k)…

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Why The New Medicare Tax May Cost You More Money

Posted in Tax News on June 26, 2012

Current Medicare Tax Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to…

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Why Every Week is "Shark Week" for the Self-Employed in Connecticut – Updated

Posted in Tax News on July 29, 2011

This week is Shark Week on the Discovery Channel.  Last year, we told you how every week is “Shark Week” for the self-employed in Connecticut.  Now, a year later, there is even more blood in the water.

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