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

Posted in Tax News on November 27, 2023

The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2023, Single filers can claim $13,850, Head of Household $20,800 and Married Filing Jointly $27,700. Additionally, the maximum amount that can be deducted for state and local…

Tagged with: 501(c)(3), Adjusted Gross Income, AGI, Charitable Contribution, Charity, Connecticut, CT, Estate, Income Taxes, ira, IRS, Itemize Deductions, Medical Expenses, Mortgage Interest, Nonprofit Organizations, QCD, Qualifed Charitable Distribution, Required Minimum Distribution, RMD

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…

Tagged with: 401(k), 401(k) Plan, Beneficiary, Cash, Connecticut, Connecticut Income Tax, Conversion, CT, economy, Employer, Federal Government, Income Tax, Income Tax Bracket, Income Tax Rates, ira, Money, Nest Egg, Net-Worth, Partial Conversion, Partial Roth Conversion, Required Minimum Distribution, Retirement, retirement plan, RMD, Roth 401(k), roth conversion, roth ira, State Government, State of Connecticut, Surviving Spouse, Tax Bracket, Tax Rates, Tax-Deferred, Tax-Free, Taxable Income, Wealth Transfer

5 Easy Ways to Save Taxes with the SECURE Act

Posted in Estate Planning, Tax News on January 2, 2020

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…

Tagged with: 401(k), Back Door Roth IRA, Income Tax Rates, ira, Required Minimum Distribution, RMD, Roth 401(k), roth conversion, roth ira, SECURE ACT, STRETCH IRA, Tax Cuts and Jobs Act

Why All Investors Should Fund A ‘Back Door’ Roth IRA

Posted in Tax News on August 28, 2019

Investors with earned income can fund a Roth IRA for up to $6,000 annually. Investors age 50 and older can fund an additional $1,000 with a ‘Catch-up” contribution for a total of $7,000 annually. Earned income is from working as…

Tagged with: Back Door Roth IRA, Income Tax, ira, RMD, roth ira, SECURE ACT, STRETCH IRA

3 Reasons to Do a Roth Conversion to Save Taxes

Posted in Estate Planning, Small Business, Tax News on July 31, 2019

A Roth Conversion is when you take a distribution from an IRA, tax it and rollover the proceeds within 60 days into a Roth IRA. In lieu of getting a check, have the funds sent from the IRA to the…

Tagged with: Income Tax, ira, RMD, ROTH, roth conversion, roth ira, SAVE TAX, SECURE ACT, STRETCH IRA, Tax Bracket, Tax-Free, TCJA

Glastonbury, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885

Blog Archives

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

4 Reasons to do a Roth Conversion

5 Easy Ways to Save Taxes with the SECURE Act

Why All Investors Should Fund A ‘Back Door’ Roth IRA

3 Reasons to Do a Roth Conversion to Save Taxes

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Glastonbury, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

Blog Archives

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

4 Reasons to do a Roth Conversion

5 Easy Ways to Save Taxes with the SECURE Act

Why All Investors Should Fund A ‘Back Door’ Roth IRA

3 Reasons to Do a Roth Conversion to Save Taxes

Search

Links

Latest News

Categories

Get Free Tax Tips

Glastonbury, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885