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[…]

Highlights of the Protecting Americans from Tax Hikes Act of 2015

With just a couple of weeks before year end, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The legislation deals with more than 50 tax provisions that expired December 31, 2014.  Some provisions were extended, while others were made permanent.  I want to discuss some of the more popular provisions. Read more about Highlights of the Protecting Americans from Tax Hikes Act of 2015[…]

Miscellaneous Itemized Deductions

If you are able to itemize your deductions, that is, if your mortgage interest, charitable donations, real estate taxes and the like exceed the standard deduction, you may be able to take advantage of certain other expenses that are allowed as miscellaneous itemized deductions.  These expenses are subject to a reduction of 2% of your Read more about Miscellaneous Itemized Deductions[…]

IRA Contribution Limits Increased

The IRS announced on October 18, 2012 cost of living adjustments applicable to dollar limitations for IRAs and other retirement plans.  For 2013, the IRA contribution limit is $5,500, up from the 2012 limit of $5,000.  The catch up contribution remains at $1,000 for taxpayers age 50 and over.  The IRA deduction phaseout begins at Read more about IRA Contribution Limits Increased[…]