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their traditional Roth IRA, which is filled with pre-tax money into an after-tax Roth IRA, because those profits can be withdrawn tax-free.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.
Mandatory e-pay for CA Taxpayers with +$80K of Tax Per Year
Mandatory e-pay for CA Taxpayers with +$80K of Tax Per Year Update: 11/10/09: The FTB now has a pay-by-phone option available. See: http://www.ftb.ca.gov/individuals/mandatory_epay/paybyphone.shtml That Franchise Tax Board (FTB) has begun mailing notices (FTB 4106 MEO) to taxpayers who meet the mandatory e-pay threshold. The new mandatory e-pay law requires taxpayers to remit their payments electronically…
Retire Your Mortgage Before You Retire
Retire Your Mortgage Before You Retire By George L. Duarte, MBA, CMC Broker, Horizon Financial Associates An increasing number of baby-boomer homeowners seem to be resigning themselves to the fact that, unlike their parents, they will be making mortgage payments well into retirement. If you look at statistics, you can see where this anxiety comes…
Building an Estate Planning Team
Building an Estate Planning Team To create an estate plan that serves your unique needs and that will execute your wishes as to the distribution of your assets is an important and, often, a complex task. Such professionals usually have honed their skills in their own specific fields. Sound estate planning is built upon a…
Investors: A Growing Taste For Exotic Fare
Investors: A Growing Taste For Exotic Fare Even conservative investors are tempted by the returns of emerging-market funds For many managers of emerging-market funds, the biggest problem these days is that folks just love them too much. It used to be that buying stocks in Turkey and picking up distressed debt in Argentina was for…