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The Difference Between an IRA and a Roth IRA

Posted in Tax News on February 4, 2011

Deciding whether to open an IRA or  a Roth IRA is a major decision with potentially large financial consequences. Both forms of the IRA are great ways to save for retirement, although each offers different advantages and rules. 

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3 Reasons a Married Couple Should Consider Filing Separate Income Tax Returns

Posted in Tax News on December 24, 2010

Most married couples file their income tax returns jointly.  However, married couples have an option—they can file married filing jointly or married filing separately.  Married couples can change their filing status from year to year.  The only requirement is that…

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The Difference Between Capital Gains and Ordinary Income

Posted in Tax News on October 15, 2010

Most long-term capital gains are taxed at 15% for 2010.  This rate is scheduled to increase to 20% in 2011.  Unfortunately, we need to say “most” because there are some exceptions as follows: Taxpayers in the 10% and 15% ordinary…

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