Posts Tagged ‘ira’


5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From Their IRA

The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. Beginning in 2018, Single filers can claim $12,000, Head of Household $18,000 and Married Filing Jointly $24,000. Additionally, the maximum amount that can be deducted for state and local income tax is $10,000.  Before this change, it was estimated that about 30% of taxpayers itemized their deductions. After this change it is estimated that about only 10% of taxpayers will itemize their deductions.

Individuals over age 70 ½ … Continue reading »


4 Year-End Tax Planning Steps for Connecticut Taxpayers to Save Money

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The year-end will be here soon.  Here are 4 year-end tax planning steps for Connecticut taxpayers:

 


How to Use a Roth IRA to Purchase Your First House

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It can be difficult for younger people to save up to purchase their first house.  Paying rent, making a car payment and perhaps paying off a student loan can drain your cash flow. While a Roth IRA is designed to be used for retirement one possible use would be to use a Roth IRA for the down payment on your first … Continue reading »


3 Proven Reasons Young Investors Should Fund a Roth IRA and Roth 401(k) to Save

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Time

As the Rolling Stones said, “Time is on my side.” And so it is with younger investors, time is clearly on their side.  The benefit to a Roth IRA or Roth 401(k) plan is that if all of the requirements are met, the distributions are tax-free. To fund a Roth IRA you will need to have earned income.  This is the … Continue reading »


3 Easy Steps For Mid-Year Tax Planning

Half the year is in the books.  Many people are playing golf, going to the beach or having a barbeque. It is also the time however to have your Mid-Year Tax Planning. Here are 3 Easy Steps to make this happen:

 

Run a Tax Projection

As a starting point, review your 2012 income tax return.  Then project out the year 2013 as to what might be different.  Bonuses, stock options and capital gains are some examples of what might … Continue reading »