This is the first installment of Tax Deductions & You: What You Need to Know which can also be downloaded from our free eBook library.
When tax time roles around, you will need to take a look at the various types of loans and credit lines to see which are tax deductible and which are not. These may include:
If so, you have until October 17, 2011 to undo the conversion and recover any tax paid. You should review your converted ROTH account and compare the balance with the converted amount, if the balance has declined, returning the dollars back to your IRA can save tax dollars. If your 2010 return has already been filed, use form 1040X to file for a refund.
For more helpful information, download my free ebook Roth IRA – 8 Quick Helpful Tips or contact me online.
-Mark
Fort Myers & Naples Accountant
So, you’ve made it to the end of the year.
Finish up those small business tax strategies for 2011 and you can start the new year ready to go!
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