May 13, 2019
When we talk about beating the IRS legally, we aren’t trying to game the system — we just want to help our clients take advantage of every possibility.
So whenever there are changes to the tax code, tax brackets or thresholds, we study the new requirements to understand which clients would benefit the most.
Traditional IRAs give you an upfront tax deduction for your contribution, and your money grows tax-deferred.
For a Roth IRA, you contribute already taxed money and the account grows tax-free.
Individual tax cuts that came under the TCJA allows a whole new group of people to take advantage of converting traditional IRAs to Roth IRAs. The tax cuts (which expire at the end of 2025) are a boon for conversions because they not only lowered tax rates but broadened the tax brackets — big-time.
The big win — and greatest gains — from a conversion come from leaving the money untouched and growing tax-free for decades.
This is where the strategy comes in: If you think you can stomach paying now on taxes to convert to a Roth, you are producing untaxed income for your retirement or for your heirs. All future growth and withdrawals are tax-free.
BOSS is the answer to your back office headaches. Our cloud-based solution enables you to hand complex accounting tasks over to us. We work the numbers while providing you 24/7 access to your data—and all at a fixed, affordable monthly fee.
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One red flag area for the IRS is when individuals claim that they’re running a business in order to write off their hobby expenses.
We can all get caught up in the day…meetings, calls, texts, emails and the myriad of other workday demands that pile up quickly and can create unwanted stress.
Part of the dread over IRS audits is the fear of the unknown. But how often does an audit actually happen?