contributions

Is it a good time for a Roth conversion?

The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional vs. Roth Here’s what makes…

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Did you give to charity in 2021? Make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable…

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traditional IRA vs. Roth IRA

2020 May be the Best Year to Convert a Traditional IRA to a Roth IRA

Differences Between Traditional and Roth IRAs The basic premise of a Traditional IRA is that it allows tax-deferred contributions.  This means that if certain criteria are met, taxpayers may deduct the amount of their contributions to their Traditional IRA from their income.  Taxes are paid on Traditional IRAs when distributions are taken. If income is…

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Do You Have Tax Questions Related to COVID-19? Here Are Some Answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can…

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