Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. This series offers strategies that you can…
Lewis & Knopf, CPAs, P.C. was recently featured in an article for the inBUSINESS section of the Tri-County Times! Highlighting the firm’s Fenton office, the article takes a look at the services we offer throughout the region. Check out the story by clicking the picture below.
When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion. However, individuals frequently do this so they can take advantage of future tax-free accumulations. Distributions from Roth IRAs are generally tax free, including any earnings (accumulations) while the account is a Roth account. Are you considering…
On Wednesday, the White House unveiled the administration’s proposed tax cut plan, which, if approved, would be the biggest tax cut and largest tax reform in the history of the United States. Top economic advisor, Gary Cohn, and Treasury Secretary, Steve Mnuchin, outlined the plan during a White House briefing. The following is a breakdown…
When prepping for a job interview, you generally spend the most focus on anticipating what questions will be asked and formulating your answers; however, a key signal to interviewers of your potential to be a good employee is your response to a seemingly off-hand question that generally falls at the end of the conversation: do…
The Internal Revenue Service believes the small business sector is a major source of under-reported income.For the past four years, the agency has run a special independent office charged with finding how to encourage small business owners to report their earnings more accurately. The IRS finds sole proprietors especially challenging. Many operate on a cash…
Short-sighted. Impulsive. Terrible idea. Robbing your own retirement. These are just some of the things you will hear in the financial media when it comes to borrowing money from your 401(k) plan. How much of this is reality and how much is myth? We are going to explore how 401(k) loans really work and when…
The biggest news in markets across the world was the British vote to pull out of the European Union after some 43 years as a participant in the EU (and the former Common Market). It’s estimated that global markets lost the equivalent of $2 trillion in value on June 24, when the results of the…
Mutual funds started to become popular back in the 1980s. However, there was one problem. Lack of information. While stock investors could get information on individual companies, mutual funds were comprised of up to hundreds of companies in different allocations, so individual holding research was futile. Then along came Morningstar founder Joe Mansueto, who formed…
The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by…
