Archive

Question by JE: What is the difference between a Roth IRA and a Roth IRA term cd? What is the difference between a Roth IRA and a Roth IRA term cd? Does the Roth Cd act like a regular cd but with tax free interest? When the Roth CD term is up, do I have [...]

There are times when you have to withdraw money from IRA and then there are times when you are compelled by the tax law to withdraw money from IRA. No matter what the case, you should know about certain penalties, exemptions and requirements. The other day I was talking to a client about IRA withdrawals [...]

(Press Release August 6, 2010) Last Chance to Apply for State’s First-Time Buyer Tax Credit Sacramento – The Franchise Tax Board (FTB) announced today that it will stop accepting applications for the First-Time Buyer Credit at midnight Sunday, August 15, 2010. As of August 4, FTB has received 31,460 applications. Because some of the applications [...]

As a tax accountant, I meet with clients who try to tally up income and expenses from their rentals couple days before their appointment to finalize taxes. That’s understandable but it is not recommended since there is a possibility that you might not have all the expense records. According to the IRS, the “tax gap” [...]

Hanging on to debt is like a disease that you would rather not treat right now and in the end pay (or not) for it by filing for bankruptcy. We think we need to carry a balance on our credit cards and make minimum payments even though we could pay it off. The hidden cost [...]

Recently I finished a tax audit assignment where I had to compile data that was to be used during an audit. My job was to create a paper trail and substantiate the taxpayers claims with receipts, invoices and canceled checks. IRS asked that we document all deposits and show what was taxable and non-taxable. My [...]

IRS has been spending a lot of time advertising the new Small Business Health Insurance Credit. The way to qualify for this credit is to provide your employees with health insurance. As simple as it may sound, it comes with quite a few restrictions. Here is the criteria in its simplest form: – Employ the [...]

eZeeTAX is giving away a FREE copy of Quicken 2010 Starter Edition: Simple Money Management Software ($30 Value). To enter all you need to do is answer this simple question in the comment section below: “Easiest way to save money is…” The idea is to find out what little things you do in your daily [...]

Internal Revenue Code provides some special tax breaks for active members of the U.S. Armed Forces, including those serving in combat zones. Whether its the battlefield or at home, military families make major sacrifices to keep the nation safe. It is hard for an average person to keep up with all the changes in tax [...]

Like most people, you are probably thinking of converting your traditional IRA, SEP IRA, SIMPLE IRA, or other qualifying retirement plan to a Roth IRA this year. Depending on your tax bracket and financial situation, acting in 2010 could be a good idea. One reason: For conversions made this year, a change in the law [...]