The IRS has provided an update on its website regarding Roth recharacterizations in its FAQ section. As you know, this option to recharacterize your Roth IRA was eliminated with the passing of the new Tax Cuts and Jobs Act. The IRS clarified that if you did a Roth conversion in 2017, you may still be… Read More

Every business owner is looking for ways to reduce expenses without reducing quality or losing customers. But few businesses look to the one area almost guaranteed to save money: income taxes. It has been estimated that America’s small businesses overpay their income taxes by more than $2 billion a year. The overpayments were made because… Read More

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a… Read More

Passed by both the House and Senate, right before the Christmas holiday President Trump signed into law the “Tax Cuts and Jobs Act” that, among other things, eliminates Roth IRA recharacterizations beginning January 1, 2018. Until now, the rule was you had an opportunity to recharacterize your Roth IRA contribution if you recharacterized by the… Read More

One of the strange factors of small businesses is that two businesses, operating in the same marketing arena and selling the same products or services, can have extraordinarily different results. It seems odd that one business can continually grow and prosper, while the other struggles. How can one business owner run a highly successful business… Read More

If you are an IRA owner, the IRS requires that you withdraw a minimum amount (RMD) from your IRA each year after your required beginning date. However, some IRA owners may not need the money or don’t want an RMD to push them into a higher tax bracket. A QCD is a Qualified Charitable Distribution.… Read More

If you are running your own business in California, specifically in the San Francisco Bay Area or are planning to start one, please check out my new book “Secrets of Small Business Success in the San Francisco Bay Area”. The book was created just for San Francisco Bay Area small-business owners like you. It’s fun,… Read More

Thinking of a Self-Directed IRA? Did you hear or see a commercial or receive a solicitation letter about investing in a self-directed IRA? The IRS recently released a notice to taxpayers, warning them about potential problems with some IRA investments. This notice led to many questions from IRA owners about self-directed IRAs. The IRS Does… Read More

The newly released proposed tax act, referred to as the “Tax Cuts and Jobs Act,” came with a few surprises and some not so shocking proposals. Because the document is 429 pages long, several people have (understandably) asked for quick reference lists of items they find important. Here is one of those lists that shows… Read More

Who will get the money in your IRA if something happens to you? Congress created IRAs to encourage Americans to plan for their retirement but it never intended for them to accumulate funds and defer taxes indefinitely. Unless an IRA owner takes specific steps to continue to defer tax liability, the government could end up… Read More