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Two Prior IRA Rules Are Still In Effect for 2010
Rule #1. Note that while converting a traditional IRA to a Roth IRA is now open to everyone, regardless of income, contributing to a Roth IRA is still not allowed for higher-income taxpayers. For 2010,...
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The Big 2010 Question: To Roth or Not?
For the first time ever, high-income taxpayers are eligible to convert a traditional IRA to a Roth IRA. Prior to 2010, you could not convert to a Roth in a year in which your modified adjusted gross...
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Congress Extends Bush-era Tax Cuts For Two Years
After weeks of wrangling over the details, both the Senate and the House passed a bill that will extend the tax rates in effect in 2010 for another two years. President Obama signed the 2010 Tax Relief...
View Article2012 Year-End Tax Planning For Individuals
2012 began with great uncertainty over federal tax policy and now, with the end of the year approaching, that uncertainty appears to be far from any long-term resolution. A host of reduced tax rates,...
View ArticleWhat To Do If You’re Selected For An IRS Audit
For most middle-income taxpayers, the chances of getting audited by the Internal Revenue Service (IRS) are slim indeed. In fact, only about one percent of such taxpayers get audited, and most of those...
View ArticleDependents Can Be A Complicated Tax Issue
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...
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