Roth IRA Conversion

  • May 05, 2018
  • Categories: Taxes, Personal

Oversight group says Roth IRA conversion reviews need improvement. The IRS must strengthen how it handles potential noncompliance for Roth IRA conversions, the Treasury Inspector General for Tax Administration (TIGTA) said. The IRS allows some individuals to convert to traditional IRAs if they pay tax on the conversion. TIGTA...

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Protecting Americans from the Tax Hikes Act of 2015

  • May 05, 2018
  • Categories: Taxes

On December 19th, both the House and the Senate passed “The Protecting Americans from the Tax Hikes Act of 2015” Act and will be signed into law within the next few days. This new act does considerably more than just the typical tax extenders legislation has seen in prior years....

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Identity Theft – Preventative Measures You Should Be Taking!

  • May 05, 2018
  • Categories: Taxes

As your trusted consultant, we suggest the following:

Truncate Social Security Numbers (SSNs) where possible or mask them on insurance cards. Monitor credit reports (this goes for personal and business) at least annually. Request that clients forward any IRS notices immediately. Keep Social Security cards and financial information...

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The ACA and You – What you should know

  • May 05, 2018
  • Categories: Business

(As Seen in Our Latest E-Blast)

Due to the Affordable Care Act (ACA), the Internal Revenue Service has reiterated the rules on health insurance deductions for 2% shareholders of an S corporation and their employees.

Health and accident insurance premiums paid on behalf of a greater...

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Pet Scams Steal Your Money

  • May 05, 2018
  • Categories: Personal

Cat and dog lovers beware! Con artists are on the prowl for folks who own or want to adopt cuddly puppies or exotic felines. Common schemes include the following:

Pay to get your lost pet returned. A fraudster sees your lost pet advertisement in the newspaper or a...

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Check Your Company’s Key Financial Ratios

  • May 05, 2018
  • Categories: Business

In the hustle and bustle of daily business, getting a firm grip on your company’s financial health may seem elusive. Fortunately, a wealth of diagnostic information — like the annual physical exam that highlights the need for a change in medication or a revised diet — is often displayed in...

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Some Early 401(k) Withdrawals Are Penalty-Free

  • May 05, 2018
  • Categories: Taxes, Personal

To encourage workers to set aside money for retirement, Congress modified the tax law in the late 1970s. The new provisions offered certain tax advantages to companies that established “defined contribution” plans. Unlike traditional pensions, such plans do not provide for specific pension payouts during retirement. Instead, they establish...

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Plan For The Growth Of Your Business

  • May 05, 2018
  • Categories: Business

Most businesses view growth as a sign of success. Yet uncontrolled expansion could jeopardize your company’s future. Consider these key points as you map out a plan for growth.

Keep more of what you make. A thorough business and tax review may reveal tax-cutting opportunities and other...

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Dependents Can Be A Complicated Tax Issue

  • May 05, 2018
  • Categories: Taxes, Personal

Most taxpayers believe that a “dependent” is a minor child that lives with them. While that is essentially correct, dependents can include children and parents, other relatives and nonrelatives, and even children who don’t live with you. There is really much more to the dependent deduction than you...

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Do You Have Unrelated Business Taxable Income In Your IRA?

  • May 05, 2018
  • Categories: Taxes, Personal

What does unrelated business taxable income have to do with your IRA?

You probably think of your individual retirement account as a personal savings vehicle, not a business. Yet it’s considered a trust, and in some instances earnings in your account that are generated by a...

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