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their traditional Roth IRA, which is filled with pre-tax money into an after-tax Roth IRA, because those profits can be withdrawn tax-free.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.
IRS Simplifies Tip Reporting
IRS Simplifies Tip Reporting The Internal Revenue Service today released formal guidance on its new tip reporting procedure, the Attributed Tip Income Program (ATIP) ATIP expands the existing IRS tip reporting and education program by offering employers in the food and beverage industry an additional tip reporting program. ATIP reduces industry recordkeeping burdens, has simple…
GROCO Receives Recognition From Fremont Education Foundation
GROCO Receives Recognition From Fremont Education Foundation Fremont, CA – February 23, 2006 – Greenstein Rogoff Olsen & Co. (GROCO), Top Bay Area CPA Firm, is pleased to announce they were recognized by the Fremont Education Foundation as a Foundation Sponsor for 2006. At the Fremont Board of Education meeting on Wednesday, February 22, 2006 Fremont…
A Thorny Dilemma: The Ethics of Mortgage Walkaways
A Thorny Dilemma: The Ethics of Mortgage Walkaways By Steve Merrel, Partner Willow Ridge Capital Advisors In the aftermath of the housing bubble and the lending frenzy that fueled it, more and more families find themselves stuck owing a lot more on their mortgages than their homes are worth. Pressed with rising mortgage rates and…
Qualities of Effective Team Leaders
Qualities of Effective Team Leaders What does it take to develop effective team leadership skills? It can be a difficult task to accomplish, but as you strive to take the following steps, you can be a more effective team leader. Your Perception Empowering others begins with the way you see them. You can either assume…