The Dirty Little Secret About Roth-IRA Conversions- Why They Usually Don't Make Sense

My multimillionaire client Bill called me the other day. He wanted to talk about congress recently loosening the rules about who can convert regular IRA accounts to Roth-IRA accounts.

Education Plans

The third biggest financial goal for a family is saving for a college education. Buying a house and retirement are the first two goals. With the cost of higher education on the rise, parents are beginning to try and set aside money for education as soon as a child is born. There are two popular federal and state sponsored plans that make saving for college easy: the Coverdell and the 529 plan.

Using IRS Form 8829 to Deduct Expenses for Business Use of Your Home

Form 8829 is used to claim the allowable expenses that you can deduct for business use of your home on your federal tax return. To deduct expenses for the part of your home used for business, it must be used exclusively and regularly or it must be your principal place of business.

Auto Industry Declares War on Estate Tax Laws

When inheritance is handed down to the Next Generation often a big chunk of change is a windfall for the kids. Many of them go out and buying new cars and take expensive vacations; the auto industry wants to see some of that money in their getting ready to launch the huge campaign to lobby the Senate to vote down the estate tax.

IRS Advice on Business Use of Your Home

Many small business owners use a portion of their home as a business office. In order to deduct the part of your home used for business, the IRS requires that you meet specific requirements. To qualify to claim expenses for the business use of your home you must meet the exclusive use test and the regular use test.

Tax Evasion Penalties

If you are found guilty of tax evasion, a tax attorney can help you through the process. The penalties are severe, ranging from hefty fines to up to five years in prison.

1.7 Million Americans Forfeit $2 Billion to Uncle Sam on April 17th

People owed refunds on their 2002 taxes had until April 17, 2006 to file for that tax year and claim their refund. If they did not file the $2 Billion will be forfeited to the government.

Social Security Voluntary Tax Withholding

If you receive Social Security benefits did you know that you can have income tax voluntarily withheld from your check? By signing up for Voluntary Tax withholding it could make next year's tax liability easier to swallow. Here is how it works.

Give Yourself an Instant Pay Raise of $200-$1,000/Mo Tomorrow! Courtesy of the IRS!

Most Americans unconsciously let the government take far too much from them in income taxes. The author shows how you can give yourself an Instant Pay Raise, stuffing hundreds or thousands of your tax dollars back into your pocket every month simply by knowing how the tax game is played.

Understanding Capital Gains Tax

One of the most common yet least understood taxes imposed by the government on investors is the Capital Gains Tax.

Tips For Preparing Your Taxes from the Internet

When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your returns.

7 Ways To Organize Yourself For Taxes

Don't let your accountant organize your receipts for taxes. You and only you are responsible to the IRS if your receipts are not categorized correctly. Take your time, lay out your reciepts, and place them in the category you think they belong in. Attach each category to a sheet, list the category at the top of the sheet, list each item on each sheet and why it is deductible.

Deducting Miles Driven on Behalf of a Charity

How much may a taxpayer deduct for miles driven on behalf of a charity? Do exceptions and limitations apply in some circumstances? Is a higher than normal deduction allowed in some cases? How does the tax law treat parking fees and tolls paid on behalf of a charity? If you drive your automobile on behalf of a charity, you need to read this article.