- Plan Your Taxable IRA Withdrawals
- Your age at the time that you make a taxable withdrawal from your Traditional IRA account can make a big difference in the amount of tax that you will pay. Generally, there are three periods within your lifetime where different tax rules apply:
- Charitable Away-From-Home Travel
- Charitable deductions are allowed only for travel expenses (including meals and lodging) by volunteers who do charitable work for their organization while they are away from home on the charity's behalf. Unlike other areas of taxes, meals are not subject to the 50% limitation.
- 2013 Will Hit Higher-income Taxpayers Hard
- Now that Congress has passed the American Taxpayer Relief Act of 2012 (ATRA) and avoided the so-called “fiscal cliff,” higher-income taxpayers need to brace for higher taxes. There are numerous provisions in the ATRA that don’t provide the higher-income taxpayer any relief, and when these are combined with the provisions of the 2010 Affordable Health Care Act, higher-income taxpayers will feel a significant increase in taxes for which they need to prepare.
- Energy Costs Rise as Tax Incentives Fade
- With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal lawmakers and administrators believe the high cost of energy itself is incentive enough to reduce consumption.
- A Reminder - If You Did A Roth Conversion in 2010
- This is just a reminder that if you did a Roth Conversion in 2010 and elected to defer the tax on that conversion to 2011 and 2012, don't forget to include one-half of the conversion taxable income on your 2012 return.
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