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How to Explain a Roth IRA to Your 25 Year Old

Posted in Tax News on March 24, 2013

  Roth IRA Eligibility To be eligible for a Roth IRA you need to have earned income.  This is typically from wages earned as an employee.  Earnings from self-employment also qualify. The annual contribution is the lesser of your earned…

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How (Almost) Everyone Can Have a Roth IRA

Posted in Tax News on November 13, 2012

  What’s the Benefit of a Roth IRA? The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the…

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4 Reasons All Employers Should Offer a Roth 401(k) Plan

Posted in Tax News on November 6, 2012

  1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for…

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Fifty Shades of Tax Deductions

Posted in Tax News on October 22, 2012

No Fifty Shades of Grey here.  Here are Fifty Black and White Tax Deductions and Credits. 1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions. 2) Medical Expenses 3) Medical Miles –…

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4 Reasons Everyone Should Contribute to a Roth IRA

Posted in Tax News on September 25, 2012

1) Tax – Free Distributions If the Roth IRA account is open for at least 5 years and the taxpayers is over age 59 1/2, then all of the distributions from the Roth IRA are tax-free.   2) Take Your…

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