Alternative-Asset IRAs: Handle With Care
Most IRA owners invest their funds in traditional assets, such as stocks, bonds and mutual funds. But some intrepid investors have enjoyed impressive, tax-deferred returns — or even tax-free returns in the case of a Roth IRA — by using their IRAs to hold rental real estate, business interests or other alternative assets. Despite the [...]
Are tax savings expensive?
Everyone wants to save tax dollars, but at what cost? Tax savings usually require you to do one of two things with your hard earned cash, give up the use of it or give it away. Many tax savings vehicles make more financial sense when you have built up enough wealth to fund them. Ideally, [...]
Tax Season Delay
IRS has announced a delay of the start of tax filing to January 30, 2013. This delay is a result of retooling forms and computers to encompass the tax law changes from the fiscal cliff deal. There will be a further delay for those who need certain forms for depreciation and the various credits that [...]
The bill to avert the fiscal cliff “The American Taxpayer Relief Act” has finally passed.
Below is a summary of the provisions. If you have any questions on how this may affect you or your business please call us at 330-253-4424 Individual Tax Provisions in American Taxpayer Relief Act: In general, the Act: retains the 2012 tax rates for taxpayers earning less than $450,000 (joint filers and surviving spouses) or [...]
Married Filing Joint vs. Married Filing Single
This topic takes a new twist as the Supreme Court reviews Windsor v. US (110 AFTR 2d 2012-6370). In this case, the 2nd Circuit struck down the Defense of Marriage Act section that defines the term marriage as “a legal union between one man and one woman as husband and wife” and spouse as “a [...]
