by mariettacp | Jan 5, 2011 | Money Tips, Tax Planning, Tax Tips
Facing a penalty for underpayment of estimated taxes and the increased withholding option is unavailable or won’t sufficiently address the problem? Take an eligible rollover distribution from a qualified retirement plan before the end of 2010. Income tax will be...
by mariettacp | Dec 13, 2010 | Money Tips, Tax Planning, Tax Tips
Interested in expanding your investment portfolio while limiting your tax burden? Purchase qualified small business stock (QSBS) before the end of this year. There is no tax on gain from the sale of such stock if it is (1) purchased after September 27, 2010 and before...
by mariettacp | Dec 6, 2010 | Money Tips, Tax Planning, Tax Tips
Convert your traditional IRA into a Roth IRA if doing so is expected to produce better long-term tax results for you and your beneficiaries. Distributions from a Roth IRA can be tax-free but the conversion will increase your adjusted gross income for 2010. However,...
by mariettacp | Dec 2, 2010 | Money Tips, Tax Planning, Tax Tips
If you have reached age 70 1/2, , another way to reduce your federal tax bill is to take required minimum distributions (RMD) from your IRA or 401(k) plan (or other employer-sponsored retired plan). Failure to take a required withdrawal can result in a penalty of 50%...
by mariettacp | Nov 28, 2010 | Money Tips, Tax Planning, Tax Tips
Thinking of buying new office equipment? Put new business equipment and machinery in service before year-end to qualify for 50% bonus first-year depreciation allowance. Unless Congress acts, this bonus depreciation allowance won’t be available for property...
