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their traditional Roth IRA, which is filled with pre-tax money into an after-tax Roth IRA, because those profits can be withdrawn tax-free.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.
Passion Investments: Why High-Net-Worth Individuals are Turning to Luxury Collecting
[vc_row][vc_column][vc_column_text]by Alan L. Olsen, CPA, MBA (Tax) Mananging Partner Greenstein, Rogoff, Olsen & Co. Posted: 3/1/11 In times of economic uncertainty, bad news is good news for collectors and sellers. This uncertainty drives capital out of the stock market but at the same time, causes investments like art, wine and fine jewelry (among others) to…
The Human Factor in Mergers and Acquisitions
The Human Factor in Mergers and Acquisitions By Alan Olsen There are a lot of factors of success and failure in mergers and acquisitions that go into a merger or an acquisition. These business deals come in all shapes and sizes and can be massive or rather small. However, they all involve at least two…
Business Plan Basics
[vc_row][vc_column][vc_column_text] Business Plan Basics A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it…
Transferring Your Assets: It’s More Than a Will
[vc_row][vc_column][vc_column_text]The cornerstone of every estate plan is a will. But your will does not necessarily control how all of your assets are distributed to your beneficiaries. You are likely to have designated beneficiaries for specific assets during your lifetime. And just as you review your will, review of your beneficiary choices for these assets is…