- Is a Roth Conversion Right for You? But Be Careful, They Can No Longer Be Undone!
- Roth IRA accounts provide the benefits of tax-free accumulation and, once you reach retirement age, tax-free distributions. This is the reason why so many taxpayers are converting their traditional IRA account to a Roth IRA. However, to do so, you must generally pay tax on the on the converted amount. After making a conversion, your circumstances may change, and you may find yourself wishing you had not made the conversion. In the past, you could change your mind later and undo the conversion. But that option is no longer available under tax reform. So, be careful: once a conversion is made, there is no going back.
- Learn How Business Owners Can Hire Their Children During The Summer To Help Save On Taxes.
- There are significant tax benefits in hiring your child during the summer school vacation.
- Tax Reform Suspends the Tax Deduction for Employee Business Expenses
- Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee business expenses. Under prior law, taxpayers who were employees were able to deduct expenses related to their employment as a miscellaneous itemized deduction, to the extent the expenses exceeded 2% of their adjusted gross income. Yet, under the tax reform, employee business expenses will not be allowed for tax years 2018 through 2025.
- Preparing for Taxes for 2018 and Beyond
- Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual, and those who think it is are in for a rude awakening come tax time next year.
- What Makes a Great CEO?
- People don't quit their jobs. They quit their leaders. What makes a great CEO?
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