Compare the Two Types of IRAs

Distinguishing traditional IRAs from Roths There are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2017 tax year is April 17, 2018. There are no extensions for making IRA contributions for 2017, even if you obtain an extension for filing your return
Continue Reading

Pressing Needs for Corporate Minutes

Protection for your company Naturally, it takes some time to record corporate minutes in a business setting. But it is usually time well spent. Plus, it is now easier to have minutes prepared than it was years ago, due to improvements in computer software. Significantly, corporate minutes can serve as the proof you need in
Continue Reading

Favorable Tax Treatment for Medical Expenses

New law creates retroactive tax break The Tax Cuts and Jobs Act (TCJA) repeals or cuts back many deductions on personal returns (see “Last Chance for Key Tax Deductions?”), but the medical expense deduction survived the chopping block. In fact, the new law temporarily enhances the deduction, retroactive to the 2017 tax year. In other
Continue Reading

Last Chance for Key Tax Deductions?

Opportunities vanishing after 2017 returns The new tax law enacted at the end of last year—the Tax Cuts and Jobs Act (TCJA)—provides numerous tax changes for individuals, including tax rate cuts and a higher standard deduction. Significantly, the TCJA also eliminates or modifies certain deductions, including the majority of itemized deductions, beginning in 2018. As
Continue Reading