Don’t Ignore Your Retirement Needs

Predict Your Future Social Security Income 

Are you ignoring your future retirement needs?  If you are younger, that’s probably the case since retirement is far in the future, and you think you have plenty of time to save for it.  It’s not wise to ignore the issue until late in life and then have to scramble at the last minute to fund their retirement.  Although some people actually ignore the issue altogether by thinking their Social Security income (assuming they qualify for it) will take care of their retirement needs.

Thinking about Converting Your Traditional IRA to a Roth IRA?

Take a look at the Pros & Con of Roth Conversions

The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything.  Conversions can be tricky, so if you are considering a conversion, take a look at this article regarding conversion considerations or give our office a call and set up an appointment so we can help you properly analyze your conversion options.

Be Aware of IRS Phone and eMail Scams

How to identify Scams and Avoid Becoming a Victim

It’s natural for thieves to use the IRS and other government entities to ply their scams against the public through email and phone scams in order to steal your money. They can trick you into giving out your date of birth, account numbers, passwords and even your Social Security number!

These scams have reached epidemic proportions and this article will hopefully provide you with the knowledge to identify scams and avoid becoming a victim.

2015 Year-End Tax Planning

Take Advantage of Tax Breaks Now!

Once again, this year is similar to the last few years when it comes to year-end tax planning due to the uncertainty over whether Congress will extend any of the many expired or expiring tax provisions. However, this is not a reason to wait as tax savings can still be realized by taking advantage of tax breaks that are still on the books for 2015. The following tax breaks apply to both individuals and small businesses:  

Avoiding Retirement Plan Distribution Tax Pitfalls

If you’re thinking about retiring or leaving your current employer, you would be required to take a distribution from your employer’s retirement plan. Depending upon the terms of the plan as well as your age, a distribution may not be required immediately.  However, it is important that when you do have to take the distribution that you are aware of a potential number of tax pitfalls that you might incur.