Charitable “rollover” program extended through January

Charitable “rollover” program extended through January

It’s not too late to discuss charitable giving strategies with your clients. The recent passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 also extended a program that allows retirees to take tax-free withdrawals from IRAs and to take a 2010 deduction for donations made by the end of January

Tax deal presents a short-term Roth IRA opportunity

Tax deal presents a short-term Roth IRA opportunity

With the extension of the Bush tax cuts being signed into law, a certain provision of Roth IRA conversions may become more attractive. Clients who convert a Traditional IRA to a Roth IRA before the end of 2010 may choose to pay the tax on the conversion either in its entirety this year or to

Remind your clients about the rules of RMDs

Remind your clients about the rules of RMDs

It’s important for clients to follow the rules in taking required minimum distributions from retirement accounts or they will face steep penalties from the IRS. Regular distributions are generally required from retirement accounts such as IRAs and 401(k)s beginning no later than April 1 following the year the client reaches age 70-1/2 (some participants in

Individual 401(k)s offer many benefits

Individual 401(k)s offer many benefits

The IRS estimates there are more than 20 million sole proprietors in the United States, and some business owners may not be aware that they can realize immediate tax benefits by setting up an Individual 401(k) plan. As the year-end approaches, it can be an opportune time to discuss setting up an Individual 401(k), which

Roth IRA conversion strategy for business owners

Roth IRA conversion strategy for business owners

When discussing a possible Roth IRA conversion with clients, typically the primary barrier is identifying funds to pay the tax bill. Clients understand the benefits that a tax–free Roth can provide in retirement and to potential heirs, but are challenged by reporting additional income generated from a conversion. Using business–related tax losses to offset a