By Susan Johnston Gather Your Paperwork Most people hate paperwork, but dealing with it now is usually better than getting buried come tax time. If you’re planning to itemize on your taxes, you’ll need documentation for business expenses, personal property tax, and other deductions. Eka suggests maintaining digital files and hard copies in case you [...]
by Susan Johnston Fund or Convert your IRA This year, the IRS changed its rules on converting a traditional IRA (individual retirement account) into a Roth IRA. “Prior to this year, if you made over $100,000 you weren’t eligible to convert your traditional IRA to a Roth,” says Mike Winesburg, CLA, a wealth advisor for [...]
By Susan Johnston Revisit Your Withholdings If your status has changed over the past year (for instance, you’ve gotten married, had a child you’re claiming as a dependent, or received a bump in salary), then your tax withholdings may need updating. Even if everything remains the same, “a lot of people are on that forced [...]
By Susan Johnston Use your Flexible Spending Account The beauty of a health Flexible Spending Account (FSA) is that you can pay for qualifying medical expenses like co-pays or prescriptions using pre-tax dollars, lowering your tax liability. But FSAs typically operate on a “use it or lose it” basis, so you’ll lose any money still [...]
Check your credit report By Susan Johnston – http://www.att.net/credit Given the frenetic pace of daily life, it’s easy to put off tasks like funding your IRA or checking your credit report. But as the year draws to a close, now’s the time to get organized so you can start the new year on the right [...]
