God that is a horrible pun. But it IS a good question. Buried in the recent tax law changes is a useful gem. This year, and for this year only, an individual can convert their IRA to a Roth IRA regardless of income AND can spread the income out over the 2011 and 2012 tax years. [...]
Archive for November, 2010
Review that Stock Portfolio
Most people invested in the stock market in 2008 had their head handed to them, and had large losses. The good news is that many stocks have rebounded since then. Careful tax planning can make a difference. When you sell stocks, bonds, mutual funds, and most other investments, you are left with what is called [...]
Don’t Look Now. More Paperwork!
There has been much discussion concerning the new 1099 requirements for business in the health care legislation. While it is true that there are expanded requirements AND penalties, most of the onerous requirements don’t go into place until 2012. Currently, a business is required to prepare an information form 1099 for anybody to which they [...]
Oklahoman Beats the IRS!
In a recent Tax Court case, a salon owner in Ardmore, OK prevailed against the IRS in classification of her salon technicians and massage therapists. The IRS had tried to establish that these individuals were in fact employees and the salon therefore was liable for all of the unpaid payroll taxes. Factors that the Court [...]