Posts Tagged ‘roth ira’
Retirement Plan Review
When you reach age 70 1/2 (or in some cases, retire), you must start withdrawing a minimum amount from your traditional IRAs and qualified plans each year. Severe penalties can result if required minimum distributions are not made on a timely basis. However, distributions from Roth IRAs are not required during your lifetime.
Read MoreIRA Contributions
You can file your tax return claiming a traditional IRA deduction before the contribution is actually made. However, the contribution must be made by the due date of your return, not including extensions.
Read MoreOur 2013 Annual Year-End Tax Planning Letter
One of the biggest deductions available to all businesses, and one that will be dramatically reduced in 2014, is the Section 179 expensing election. This is the last year for expensing up to $500,000 of Section 179 property. The maximum amounts drops to $25,000 next year!
Read MoreRoth IRA Conversions
Just because you qualify to make contributions to a Roth IRA does not mean you are also entitled to convert your plain-vanilla IRA into a Roth. Unfortunately, the income limit for conversions is slightly lower – $100,000 of modified adjusted gross income for both joint filers and singles – than the income limits for contributions. However, if you qualify to convert, there are situations where you should.
Read MoreRoth IRAs for Kids
By making Roth IRA contributions for just a few years now, your child can potentially accumulate quite a bit of money by retirement age.
Read MoreRoth IRA Contributions
To contribute to a Roth IRA, you must have compensation and a certain modified adjusted gross income.
Read MoreRetirement Contribution and Other Limitations for 2013
Westchester tax preparers at Herman & Company CPA’s have all the answers to your personal finance questions! The IRS has announced cost-of-living adjustments affecting the dollar limitations for retirement plans, deductions, and other items. Several of the limitations are higher for 2013 because the increase in the cost-of-living index met the statutory threshold. However, some…
Read MoreTax Saving Techniques
Westchester tax preparation firm Herman & Company CPA’s has all the answers to your personal finance questions The following are some generally recognized financial planning tools that may help you reduce your tax bill. Charitable Giving – Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized…
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