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Posted in General on Aug 26, 2010

Good morning.

Heads up on those who converted to Roth IRAs in 2009:

You have until October 15th 2010 to reclassify back to traditional IRA, if you filed a timely extension or you filed your return on time. 

Why would you do this?  If your investments lost money between the date of conversion and now, you can save taxes.  Why pay more taxes than you have to?

Planning opportunity:  You can reclassify your 2009 conversion before October 15th and do a different conversion (2010 conversion) when you are ready (must be at least 30 days after you undo the 2009 conversion) to take advantage of lowered investment prices.

IRS CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of:

(i) avoiding penalties under the Internal Revenue Code, or,

(ii)promoting, marketing, or recommending to another party

 any transaction or matter addressed herein.

Last Updated by Admin on 2010-08-31 08:33:27

Posted in General on Jul 15, 2010

Tax tips: Make sure to track the miles driven from office to appointments and back.  This is a tax saving technique.

Last Updated by Admin on 2010-07-15 16:21:30