Four Things to Consider Now for the Upcoming Tax Season
It’s November already. How can that be possible? The more important question is what are you going to do about it? Although it seems like the last tax season just ended a few months ago, the next tax season is just a few weeks away. That means you should already be preparing for your inevitable tax return. So what can you do to start getting ready?
There are many different things to start thinking about if you’re looking to get started on tax preparation right now. One of those things is to consider a Roth IRA. It might be a good idea for some taxpayers to convert their traditional Roth IRA, which is filled with pre-tax money into an after-tax Roth IRA, because those profits can be withdrawn tax-free.
Another thing that could come into play a lot this year is how taxes will affect those in same-sex marriages. Anyone who has filed previous tax returns as a single because their relationship was not recognized in their state can now go back and file amended returns. If you fall into this category then start looking into those past returns now.
Last, but not least, another important item to consider is penalties from Obamacare. For those who did not have health insurance this year the fine has gone up considerably from last year. While it is too late to sign up for insurance for the last 10 months, you can file for a hardship exemption.
The bottom line is it’s time to get ready for taxes. Contact GROCO now for more help with your taxes for the upcoming season. We will get you ready. Click here or call 1-877-CPA-2006.
Bond Risks and How Bond Funds Deal With Them
Bond Risks and How Bond Funds Deal With Them A bond is a promise. In return for the money lent to a corporate or governmental borrower, the borrower pledges to make periodic payments of interest at a fixed rate and to repay the original loan after a set period of time. Both the date at…
Meeting the Challenge of College Costs
Meeting the Challenge of College Costs Your child has entered high school and is just four years away from college. It’s time to get serious about figuring out how much it’s going to cost. Based on recent data from the College Board, if he or she goes to a private four-year university, the cost for…
What’s the Real Motivation Behind Keurig Moving Coffee Business From U.S.?
What’s the Real Motivation Behind Keurig Moving Coffee Business From U.S.? By Alan Olsen Just about any large American company that does business outside of the U.S. finds ways to save money on its tax bill. That is due, in large part, to the fact that the U.S. corporate tax rate is a whopping 35…
Cyclical Stocks: Ins and Outs, Ups and Downs
Cyclical Stocks: Ins and Outs, Ups and Downs A company can provide outstanding goods or stellar services. It can be well run by a board of directors and officers who choose the best and the brightest of employees, who, in turn, manage day-to-day business operations with skill and finesse. Seems as if purchasing shares of…