The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2022, Single filers can claim $12,950, Head of Household $19,400 and Married Filing Jointly $25,900. Additionally, the maximum amount that can be deducted for state and local…
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…
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…
“Nothing can be said to be certain, except death and taxes” – Benjamin Franklin Sorry, we can’t help with the death part. But here are 4 Easy Ways to Save Income Taxes: 1. Maximize your 401(k) plan contributions…
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. …
