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.

Balance Sheet Advice for the Small Business Owner

If you are an owner of a small business it is extremely important for you to be aware of your company’s financial status and the best way to do that is to have an accurate balance sheet.  If this information is kept up to date on a quarterly basis, the balance sheet will help you avoid future surprises.  It’s simple accounting – assets must be balanced by and equal to the liabilities plus the owner or shareholder’s equity.

September 15th – Tax Return Deadline for Partnership, S-Corp and Trusts

It’s that time again – September 15, 2015, is the extended due date for filing those returns.

Pass-through entities such as Partnerships, S-corporations, and fiduciaries (trusts, estates) pass their income, deductions, credits, etc., through to their investors, partners, or beneficiaries, who in turn report the various items on their individual tax returns. Partnerships file Form 1065, S-corps file Form 1120-S, and Fiduciaries file Form 1041, with each partner, shareholder, or beneficiary receiving a Schedule K-1 from the entity that shows their share of the reportable items.