- Converted Your Traditional IRA to a Roth IRA? Worried You May Have Done It Too Soon if Tax Reform Passes?
- When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion. However, individuals frequently do this so they can take advantage of future tax-free accumulations. Distributions from Roth IRAs are generally tax free, including any earnings (accumulations) while the account is a Roth account.
- Ignoring Those IRS Notices Only Makes It Worse
- Remember those 1099s, W-2s, K-1s and other informational forms you receive each year reporting your interest, dividends, sales, wages, retirement income, IRA withdrawals, health insurance forms and other items having to do with your tax return? Well, the IRS also gets this information and feeds it into its computers. Thanks to modern computer technology, the IRS is able to match that information to what you reported on your tax return, and if something significant is omitted or there’s a discrepancy with the numbers, the IRS is going to send you a letter asking for an explanation or a tax payment. You will also receive correspondence if you don’t file a return and the data the IRS has indicates that you should have filed. It has form letters for just about every possible situation.
- Do You Rent a Home to a Relative at Less Than the Fair Rental Value?
- You may be able to deduct mortgage interest on Schedule A if you have not exceeded the loan amounts allowed for first and second homes. Learn more.
- October Extension Due Date Rapidly Approaching
- If you could not complete your 2016 tax return by the normal April filing due date and are now on extension, that extension expires on October 16, 2017. Failure to file before the extension period runs out can subject you to late-filing penalties.
- 8 Small Business Accounting Tips Video
- Entrepreneurs: Use these 8 essential tips to get your accounting tasks in order.
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