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their traditional Roth IRA, which is filled with pre-tax money into an after-tax Roth IRA, because those profits can be withdrawn tax-free.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.

Posted in
Deducting "Other" Business Expenses; Prevent an IRS Audit, 10 Strategies

Prevent an IRS Audit, 10 Strategies

Prevent an IRS Audit, 10 Strategies Do you like to prevent an IRS audit, well, here are 10 strategies that might help avoid an agent making a visit to your home or office. I don’t know many people who like these experiences, but knowing strategies to prevent an unwanted visit could certainly save you from…

10 Strategies When Handling an IRS Audit

10 Strategies When Handling an IRS Audit The IRS is using new technology to process tax returns and conduct tax audits. As more people are submitting returns through Electronic Filing, the IRS efficiency in processing returns is improving. They also have more data in their system to identify tax returns with non-compliance issues. The IRS…

When to Exercise Your Stock Options

When to Exercise Your Stock Options “Deciding when to exercise your option can be a complex decision. Therefore, it is important to know the rules before you decide to cash in your options.” Know the Rules Employee stock options can provide you with a substantial source of deferred income and permit you to control the…

Accounting Joke Videos

Accounting Joke Videos Insanity So, you’re saying it’s ok. Insanity, is a side-effect of tax law. Accounting Classes I tried taking a course on ethics for my CPE credits, but everything contradicted what I learned in my accounting classes. Feelings So, you’re saying that I should own my feelings… but my accountant said that it…