Tag Archives: Tax Reform

Who Under Prepaid 2018 Taxes? IRS Tax Break?

Under Prepaid 2018 Taxes Happens for Many Reasons for an IRS Tax Break

It’s true, 2018 was an interesting year with tax reform going into affect. It is comforting to know there is the potential for an IRS tax break. And, there are many reasons for under prepaid 2018 taxes. The IRS requires taxpayers to pre-pay their taxes for any tax year. This is requirement is through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding. And, self-employed individuals and those with investment income by paying quarterly estimated payments. Continue reading

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What if Tax Reform Passes? Convert Your IRA to Soon?

Did you convert your Traditional IRA to a Roth IRA? Do you worry you may have done it too soon if Tax Reform Passes?

A lot of people are asking the question, “What if tax reform passes? What will happen since I When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion. However, individuals frequently do that so they can take advantage of future tax-free accumulations. Distributions from Roth IRAs are generally tax free, including any earnings (accumulations) while the account is a Roth account. Continue reading

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