Is converting a traditional IRA to a Roth this year a good idea? It depends on the situation. Weigh the pros and cons. Although taxpayers no longer can benefit from a special tax break for conversions in 2010, converting to a Roth still might be a smart tax move. Of course, the conversion is subject to current income tax.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
The IRS is giving some taxpayers extra time to “come clean” about foreign bank accounts. In new guidelines posted on its web site, the IRS has said it will postpone for up to 90 days the deadline for participating in its offshore voluntary disclosure program. The initial deadline was Aug. 31, 2011.
Undoubtedly, the deduction for charitable donations is one of the biggest write-offs on your personal tax return. That’s why the IRS continues to scrutinize deductions claimed by high-income taxpayers. Strategy: Stick to the strict letter of the law. Be aware that recent tax law changes impose tough substantiation rules on cash and cash-equivalent donations.
The IRS is making it easier for tax return filers to qualify as an “innocent spouse.” In a new ruling, the agency eliminates a strict timing requirement under prior law. And it says that other taxpayer-friendly changes are on the way.
Should you invest in the stock of your own company through your 401(k) or other retirement plan? It makes perfect sense because you’re effectively betting on yourself. To sweeten the deal, you might be able to buy the stock at a substantial discount. Best of all, you may be in line for a future tax bonanza.