Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Home office business deductions is another area that has changed recently. The Internal Revenue Service has provided a $5 per square foot (max $1,500) standard deduction for individuals that qualify.

Business Deductions

This is the fifth installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

The rules to qualify for a deduction have not changed and you should review your situation with a tax professional before taking any deduction as it relates to a home office.

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Tax Deductions and You – What You Need to Know

Posted by Mark On February 8th

Tax Deductions and You - What You Need to Know

Over the past couple of months we have provided tips about tax deductions. Whether you are familiar with taxes and accounting or not, we hope you have learned more about what is deductible and what is not. In case you haven’t read this information, you can download it as a FREE eBook by clicking the picture above. Or simply read on and we’ll give you a summation of our posts on what you need to know about tax deductions.

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2009’s estate tax rate was 45%, and…

the 2009’s highest income tax rate was 35%, so:

If your estate was larger than the 2009 exemption amount of $3.5 million you may have been able to save 10% in estate taxes by converting to a Roth IRA.

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Roth IRA’s allow for a two (2) generation tax-free stretch on distributions.

Meaning distributions for you and your beneficiaries are tax-free.

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If you’re a 401(k) plan owner, be sure to…

…review your 401(k) plan(s), because some will allow distributions while you are still employed.

You can convert a distribution directly from a 401(k) into a Roth IRA, be sure not to overlook this option.

If you have any questions, comments or concerns about Roth IRA’s, or think I can help you in any other ways, contact me, or give me a call at (239) 384-9688.

– Mark

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This information is based on facts, assumptions and representations as stated and authorities that are subject to change.  We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER:  The information within this post is for informational and educational purposes only and is not tax advice and should not be used as such.  The facts of each individual situation can have significantly different outcomes when applying tax law.  The hiring of a CPA is an important decision not to be based solely on advertisements.

No matter how many IRAs you own…

the IRS views them as one pool of assets for tax purposes.

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Should I Purchase a Tax Deduction?

Posted by Mark On May 3rd

A very common question I hear is…

Should I purchase a tax deduction?

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Roth IRA – Tax Diversification In Retirement

Posted by Mark On April 22nd

Having options is the key to making the right decision at the right time.

Creating “Roth assets” today, by conversion or yearly contributions, will provide you options in retirement.

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7 Things Every Small Business Owner Needs To Know

Posted by Mark On February 8th

If you’re a small business owner, here are 7 very important things…

Everything I discuss is also available in eBook form on my Web Site at: www.Makara-Assoc.com.

…you need to know:

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