Traditional IRA to ROTH IRA! With wild swings in the stock market over the past few years, changing a ROTH account back to a traditional IRA and then reconverting the account back to a ROTH may result in big … Continue reading
Category Archives: Key Deductions or Credits
A ROTH IRA is a unique retirement savings vehicle. Unlike a traditional IRAs where taxpayer contributions are tax deductible in most cases, contributions to a ROTH IRA are not. The tax benefit of contributing to a ROTH IRA comes at … Continue reading
The adoption credit is an extremely valuable IRS credit that often goes unnoticed. Over the years, i have known many families who have adopted children from the Unites States and beyond. Adopting a child is not only a life changing … Continue reading
10 March 2012
ERock Tax Tip – Start a Flexible Spending Account (FSA)
Tax Tip of the Day – Start an FSA If you incur out-of-pocket medical expenses that are not reimbursed by your health plan, you may benefit from a Flexible Spending Account (FSA). Many employers offer a FSA to pay for … Continue reading
3 March 2012
Income Tax Benefits of Contributing to a ROTH IRA
ROTH IRA A Roth IRA is a unique retirement savings vehicle that has multiple uses. For individuals who qualify for a ROTH IRA, the account funds can be used to help pay for education expenses or a first time home … Continue reading
NOW is a GREAT time to buy real estate as an investment and hold it for the long term Mortgage rates are at all time lows. And the mortgage interest deduction is one of the most valuable deductions on the … Continue reading
24 February 2012
Tax Tips – The Electric Motor Vehicle Credit
Saving the Environment and Saving Money! – Qualified Plug-in Electric Drive Motor Vehicle Credit Your Tax Savings = up to $7,500 Were you seriously considering the purchase of a Chevy Volt and then saw the $40,000 sticker price and had … Continue reading
24 February 2012
The Residential Energy Tax Credit
Saving the Environment and Saving Money Part I – The Residential Energy Tax Credit Your Tax Savings in 2011 = $500 Thinking about getting a new hot water heater or blowing some insulation into your attic but thought it might … Continue reading
24 February 2012
ERock Tax Tip – Claim Unreimbursed Expenses on Form 2106
Tax Tip of the Day – Claim Unreimbursed Employer Business Expenses Do you incur any unreimbursed business expenses from your employer? Expenses could include travel, attending conferences, using your cell phone or automobile mileage. Any amount you spend on unreimbursed … Continue reading
18 February 2012
Tax Blog – Payroll Tax cut will be extended for 2012!
Government Giving Taxpayer up to $2,136 Tax Break in 2011 and another in 2012 by Reducing Social Security Withholding Your Tax Savings = up to $2,136 per year! For 2011 and probably 2012 social security paid by the taxpayer was reduced from 6.2% to … Continue reading
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