Category: Tax StrategiesThe tax consequences of converting your traditional IRA to a Roth IRA are onerous.
Generally speaking, you have to pay tax on any money you convert into a Roth and you have to pay that tax the year you convert. You simply add it to your income and it will be taxes at your highest [...]
You’re looking at serious IRS trouble if your spouse doesn’t file a tax return.
It’s a very serious problem. And it could be a bad omen of things to come.
Here’s a question I received not long ago from “B”,an anxious reader who was facing this exact situation:
My husband is self employed and has not paid taxes [...]
You can minimize the cost of filing your tax return late. It’s easy.
Each year many American’s, for various reasons, do not file their tax return by the deadline. No matter what your reason, you will not want to procrastinate any longer. The sooner you take action the fewer fines and penalties you will end up [...]
You can declare bankruptcy and not lose your home equity.
Let me illustrate how by answering an e-mail I received from “B”.
Before I get to the solution, take a peak at the e-mail:
My husband and I run a small real estate business. When the “housing bubble” began to burst we had 3 spec homes on the [...]
If you are self employed, I’ve got some tax tips and advice that could put a few extra dollars in your pocket.
This is an important guest post that I want everyone to read — even if you’re not self employed.
The reason is that many CPA’s forget or overlook these simple ideas.
You have to remember that [...]
Even if you don’t owe a dime to a soul, it’s important for you to understand the difference between Chapter 7 and Chapter 13 bankruptcy.
Why?
Because somebody might owe you money and you better understand what happens if they declare the “Big B”.
A loyal Pilgrim reader happens to be a very friendly and helpful attorney (yes….it [...]
“It’s Deductible”.
Music to your ears…right? Especially now….yes?
Well I’m here to tell you that just because it’s deductible doesn’t mean it’s a rubber stamp of approval on how to spend your money.
This point was brought home as I drove home from an amazing jazz concert I went to last week. (Don’t worry…..the cover [...]
Is a conversion to a Roth IRA when you are over 60 smart?
This is an excellent question –especially now.
Roth conversions are taking off in 2010.
But could the reason behind the jump be sinister? Could fund companies and advisers be pushing the move to boost their own profits rather than to help you?
Ya think?
Vanguard Group Inc. [...]
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If you are an innocent spouse and marry a tax cheat, what can you do?
Let me share a real-life story:
Roberta and Tim have been married for over 25 years. Tim is self-employed and Roberta is a stay at home mom.
They travel all over the world, live in a multi-million dollar home…..and declare less than [...]
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If you don’t time your Roth IRA conversions correctly, it can cost you your tax credit for homebuyers.
First, the good news….
Because of recent changes in the law, you may find it easy to qualify for homebuyers tax credit.
You qualify for the credit if:
1. You haven’t owned a principal residence for the three years prior [...]
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