Is 2020 the year for Roth conversions?

Is 2020 the year for Roth conversions?

Federal tax rates went down with the Tax Cuts and Jobs Act of 2017, but those cuts are already set to expire in 2025. And there is broad support among Democrats for repealing tax cuts before their expiration.  Let’s face it. There is a strong likelihood that your tax...
Making Charitable Donations From an IRA

Making Charitable Donations From an IRA

If you’ve reached age 70 ½ and you’re looking for ways to save money on your tax return, making charitable donations from your IRA may be a good tax strategy for you. There are a wide range of IRS-approved charities that can accept cash donations and these...
Taxation of IRA Accounts in New Jersey

Taxation of IRA Accounts in New Jersey

How the state of New Jersey and the federal government tax Individual Retirement Accounts can be confusing for many taxpayers. Tax professionals strongly advise people to not only keep track of their personal contributions, but to also keep good records each year, as...