Since we are currently in the midst of tax season, just for fun I thought I’d share some of the more creative tax deductions taxpayers have attempted to get away with. Warning: do not try this at home! From the Minnesota Society of Certified Public Accountants comes the following: A woman tried to claim her…
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IRAs are among the simplest and best ways to transfer wealth to heirs. In effect, you are not simply passing on a chunk of money, but rather a chunk of money with future tax-deferred or tax-free growth embedded. However, if you are the beneficiary of an IRA, it’s important that you take the right steps…
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A recent Lincoln Financial Group survey found that retirees significantly underestimate the impact taxes will have on them during their retirement years. When asked before they retired what they expected their top expenses to be in retirement, the majority of pre-retirees surveyed anticipated home and mortgage, health care, and travel/leisure costs to be the highest.…
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The IRS wants to make it easy for you to set up and maintain IRA accounts. Part of that strategy involves keeping your IRA accounts at whichever qualified custodian you prefer. Should you become unhappy with the costs or services provided by one custodian, the IRS allows you to move some or all of the…
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Richard Rubin and Margaret Collins at Bloomberg News recently reported that conversions from traditional IRAs to Roth IRAs increased more than nine times in 2010, according to the Internal Revenue Service. Taxpayers converted $64.8 billion in 2010, as compared to $6.8 billion in 2009. This was the first year that Roth conversions were greater than…
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Traditional Individual Retirement Accounts (IRAs) and Roth IRAs have been around for some time now. For those of you unfamiliar with the difference, a Roth is the inverse of a traditional IRA. That is, contributions made to a traditional IRA are tax deductible when made, but taxed when withdrawn, typically beginning at age 71. With…
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