Roth IRA Distribution Rules

A client who wants to purchase a business asked our firm about the distribution rules for Roth IRAs. Seems he and his wife have Roth IRAs and would like to use the funds from those investments to purchase a business. So, what are the rules for Roth IRA distributions? Qualified Distributions Qualified distributions from a Read more about Roth IRA Distribution Rules[…]

Tax Season Tips

  Tax season 2017 is in full swing. Statistics issued by the IRS showed a 17.2% decline in the total number of returns received through February 10, 2017 compared to the same period last year.  The decline was most likely caused by the mandate on refunds on returns involving the Earned Income Credit and the Read more about Tax Season Tips[…]

Itemized or Standard Deduction?

The IRS statistics show that most taxpayers use the standard deduction. However, you may be able to reduce your tax bill if you itemize on Schedule A. What expenses are deductible on Schedule A? I think most people are familiar with the typical itemized deductions, which requires a Schedule A to be filed. Home mortgage Read more about Itemized or Standard Deduction?[…]

Tax Deductible Expenses

I’m often asked if a particular expense is tax deductible.  Everyone is looking for a deduction!  In general, only expenses incurred in a trade or business (IRC §162) or those incurred in the production of income (IRC §212), will be deductible on an individual tax return. I once had someone ask me if a new Read more about Tax Deductible Expenses[…]

Weight Watchers Update

I met my goal weight of 133 a year ago today.  It was a 50 pound weight loss!  I attained lifetime status with Weight Watchers six weeks after attaining my goal weight and maintaining the weight loss.  I weighed in today and still well under my goal weight, total weight loss of 60 pounds.  Amazing, Read more about Weight Watchers Update[…]

Expired Tax Provisions Receive a Retroactive “Stay” from Executioner

Congress passed, and the president signed into law, the Tax Increase Prevention Act of 2014, which has given a retroactive one year “stay” to many popular tax deductions for both individuals and businesses. The law is retroactive to January 1, 2014. Section 179 and Bonus Depreciation Bonus depreciation receives a one year extension under TIPA Read more about Expired Tax Provisions Receive a Retroactive “Stay” from Executioner[…]

New Retirement Option?

In his state of the union address on January 29, 2014, President Obama instructed the Treasury Department to create the myRA retirement savings account.  These accounts will be available before 2015.  As an update, President Obama’s budget, released on March 4 requires these accounts to be offered this year.  More on President Obama’s budget tax Read more about New Retirement Option?[…]

Weight Loss

I’m still on the Weight Watchers plan, within about 10 pounds of my goal weight.  I’ve lost 40 pounds this year.  When I started my weight loss journey in May, one of my goals was to attend the March of Dimes Signature Chef’s auction and wear a dress.  Last year I had tickets, but gave Read more about Weight Loss[…]