With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.
Have you made your 2017 IRA contributions? Just because we’re in 2018 doesn’t mean it’s too late.
Are you a homeowner? Then home-related tax breaks may provide significant savings on your 2017 return. But the tax-saving outlook isn’t as rosy for 2018.
A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for certain natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know.
December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do on your 2017 return.
Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.
If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.
Periodically, the question arises of whether to convert a Traditional IRA to a Roth IRA. Generally clients must ‘crunch the numbers’ to decide whether this makes financial sense. As with most tax calculations, there is no hard and fast rule for everyone. Several factors need to be considered. Some are easy to determine (your age, ability to pay the tax without retirement funds) and others are not so easy (rate of return on investments and effective tax rate in retirement)
Now that we are into the New Year, savvy investors holding real estate in traditional IRAs are assessing whether now is a good time to convert those IRAs to Roth IRAs. The main reason investors consider converting is to place those retirement plans in a better tax position. Keep in mind that earnings on Roth IRA investments grow tax free as opposed to just growing tax deferred as in the case of Traditional IRAs.