Future Tax Rates Deciding between a Traditional or Roth IRA depends, basically, on how you think your income – and by extension, your income tax bracket – will compare to your current situation. In effect, you’re trying to determine whether the tax rate you pay on your Roth IRA contributions today will be greater or [...]
You’ve probably heard of these different account types, but perhaps you never nailed down the key differences. So first, let’s touch on the basics of these two IRA’s (Individual Retirement Accounts) and then we’ll get into the finer details and tax incentives. Income Limits If you are under 70½ years of age, you can [...]
Each year, the Internal Revenue Service issues a list of the top 12 tax-related scams it sees throughout the year. The IRS “Dirty Dozen” highlights various schemes that taxpayers may encounter anytime, many of which peak during tax-filing season. Taxpayers need to guard themselves against these ploys. JM Short CPA is a local accounting [...]
