Backdoor Roth IRA
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Among the many provisions in the trillion-dollar-plus legislative package being debated in Congress is a provision to eliminate a strategy called the backdoor Roth IRA conversion.
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Blog
What’s Important?
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As COVID-19 continues to affect local communities and global economies, you may be wondering how recently passed legislation impacts you.
Read MoreThere's a New Kid in Town
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The tax withholding tables issued in 2018 wreaked havoc for American taxpayers, as many were under-withheld on their federal return.
Read MoreIn the Spirit of Giving
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Are you donating for the purpose of tax deductions or in the spirit of giving?
Read MoreQualified Charitable Distribution for Taxpayers Over 70 ½
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A Qualified Charitable Distribution (QCD) is a direct transfer from your retirement account to a qualified charity. The benefit is that the distribution is not added to your taxable income.
Read MoreQuarterly Estimated Tax Payments: Why, When, and How Much?
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As you know, we are in the thick of tax season, and I’m finding a lot of clients want to learn more about quarterly estimated tax payments. Perhaps the new tax laws changed their situation enough to warrant estimated tax payments, or perhaps they have experienced a life change, like retirement.
Read MoreWhat It Means to Extend a Tax Return
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Filing an individual tax return extension is often misunderstood and sometimes abused. A federal tax extension is a form filed with the IRS to request additional time to file your income tax return.
Read MorePSA from Smitson Erhart-Graves Tax Advisors
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We should all be aware by now the IRS does not call you if there is an issue with your taxes; they send tax notices and letters. But did you know there are also fraudulent “IRS” notices and letters circulating?
Read MoreThree Ways to Make Tax Time Less Taxing
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For the past few years, I’ve resolved to do a better job keeping my tax documents in order. As hard as I try, no tax season has been without paperwork panic. While this admirable goal has never left me, I’ve recently came to realize, tax time organization is not about the destination, it’s about the journey.
Read MoreSix Ways to Use Your Tax Refund
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About eight in 10 U.S. tax filers receive a tax refund every year, with the average amount paid over the past few years equaling around $2,800; according to recent IRS data.
Read MoreImportant 2016 Dates For Retirees
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You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70 ½ . Roth IRAs do not require withdrawals until after the death of the owner.
Read MoreThe History of Charitable Deduction
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According to Wiki, “charitable giving is giving without receiving”. So is it really important to extend a benefit to the donor as a tax deduction?
Read MoreEuchred by a Health Savings Account
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Anyone with ties to the mid-west region of America has more than likely heard of something called Euchre.
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