Overview of Various Types of IRAs Available

Overview of Various Types of IRAs Available At one time, there was relatively little confusion about IRAs because there was only one type available. Now, however, IRAs have proliferated-there’s the “traditional” IRA, which may be funded with deductible and/or nondeductible contributions, Roth IRA, SEP-IRA, and SIMPLE IRA. Some of these IRAs have similar features, but…

The Kiddie Tax

Dear Tax Payer, One way of saving taxes if you are currently in a high tax bracket involves the transferring of assets into your children’s names. This tax technique is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children.…

Tax Breaks for Travelers Who Mix Some Pleasure With their Business Travel

Although video conferencing has made inroads in the ranks of business travelers, there still are situations where business travel is necessary.  For example, you may need to travel away from home overnight for face-to-face meetings with staff, management, or customers. In the current vacation season, business people or professionals who must travel for work reasons…

Recent Small Business Related IRS Relief

Dear Tax Payer, Recently the IRS release several small business related tax relief revenue procedures for 2014 and 2015. Please read the article below and consult with your tax advisor or give us a call at 630-544-5340 if you wish to discuss any of these in detail. Sincerely, Dean Holland, CPA President Recent Small Business…