You are currently browsing the IRS Tax Talk weblog archives for the day 16. January 2010.
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| « Dec | Feb » | |||||
| 1 | 2 | 3 | ||||
| 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 |
| 18 | 19 | 20 | 21 | 22 | 23 | 24 |
| 25 | 26 | 27 | 28 | 29 | 30 | 31 |
- Ask Question or Comment (1)
- General (17)
- Income Tax (42)
- International Taxation (6)
- LLC's (21)
- Newsletter Topics (2)
- Payroll Tax (6)
- Retirement Accounts (4)
- Sub S Corporations (18)
- 6. July 2010: HIRE ACT
- 24. June 2010: State of Florida Annual Filing Fee
- 23. June 2010: Spouse & Homebuyer Credit
- 21. June 2010: Homeless Person - I gave money - can I deduct it?
- 21. June 2010: Proof in an Audit
- 1. June 2010: Recourse vs. Nonrecourse Debt
- 5. March 2010: Reverse Mortgages - Taxable? Deductible?
- 3. March 2010: Work Clothes Deduction
- 12. February 2010: Scholarship Count Toward Support?
- 7. February 2010: Mileage Rates in 2009
Blogroll
Archive for 16. January 2010
Domestic Production Deduction in 2010
16. January 2010 by admin.
The deduction increases to 9% in 2010, up from 6%.
Posted in Sub S Corporations, LLC's, Income Tax | No Comments »
ROTH IRA in 2010
16. January 2010 by admin.
Some confusion out there about Roth changes. The following are effective in 2010….
The tax that has to be paid when you CONVERT a REGULAR IRA to a ROTH IRA can be paid either
- all in 2010
- all in 2011
- OR 1/2 in 2011 and 1/2 in 2012
Additionally, the limits on Roth contributions do not exist for 2010.
It would seem like a good deal to wait and pay 1/2 in 2011 and the other half in 2012 BUT that may not be the best answer. We anticipate the highest marginal tax rate will go up (anybody want to bet it don’t?) in the next two years. That means the same amount of income might be taxed as at higher rate.
It could be taxed at a higher rate because you are going to have a better year and your tax situation calls for a higher rate than the one you are in now… regardless of the increase in tax rates.
Also, if you have Net Operating Losses in either 2010 or 2011, these may be used to offset the tax on the conversion and it worth more in 2010 than in 2011 or 2012.
That’s alot of concenses tax info on Conversions to Roth. If you have any questions, please post a comment on this blog, or contact us at USATaxHelp.com.
Happy New Year!
Posted in Retirement Accounts, Income Tax | 1 Comment »