Roth IRA conversions during down markets can yield large tax savings, but only if you avoid one key mistake many investors make.
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As everyone continues to get information on the CARES Act, we want to provide you with some of latest updates we have seen.  Yesterday, April 8, 2020, the Treasury Department issued an updated Paycheck Protection Program F.A.Q.  The Paycheck Protection Program formally launched on Friday, April 3rd.  The program is in very high demand and has...
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If your income hits a certain level, you may face an additional wrinkle in calculating your taxes: the net investment income tax (also referred to as the unearned income Medicare contribution tax). This 3.8% Medicare tax applies to some or all of your net investment income if your modified adjusted gross income (MAGI) exceeds certain...
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The new tax law has made it a little more difficult to decide how you make your gifts to charity. Here’s why: The standard deduction has increased from $12,000 to $24,000. So, what does that mean to you? On your tax return you can deduct the larger amount of the standard deduction ($12,700 for married...
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Summary of Legislation by FMP Wealth Advisers Congress passed the Tax Cuts and Jobs Act on December 20, 2017. We have reviewed the details of this new legislation and summarized in this document the items we believe to be of most impact and interest to our clients. In favor of brevity, we have not included...
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Traditional IRAs and Roth IRAs have similarities and differences. Some people may wonder which account type is better, but no answer applies universally. Which account to use depends on the personal financial situation and goals of the individual. People who are considering using an IRA should evaluate the features of each so they can determine...
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