Why 2012 may be the right year for a Roth IRA conversion
If you have a traditional IRA, you might benefit from converting all or a portion of it to a Roth IRA. A conversion can allow you to turn tax-deferred future growth into tax-free growth. It also can provide estate planning advantages: Roth IRAs don’t require you to take distributions during your life, so you can…
Cost of Long-term Care on the Rise
For those of you thinking about the cost of long-term care, the outlook doesn’t look bright. In fact, the already high cost is expected to increase over the next few decades. Right now, the median cost of a nursing home is $206 per day, which equals around $75,000 a year, while the median cost for…
Make the most of depreciation-related breaks while you can
Many businesses may benefit from purchasing assets by Dec. 31 to take advantage of depreciation-related deductions that are scheduled to either disappear or become less favorable in 2013: Bonus depreciation.For qualified assets acquired and placed in service through Dec. 31, 2012, this additional first-year depreciation allowance is, generally, 50%. Among the assets that qualify are…
We’re Hiring! – Accounting Intern Position
At Lewis & Knopf, we understand that you have invested hard work, countless hours and dollars in your education. With a career at Lewis & Knopf, we will put your skill set immediately to the test as you receive extensive hands-on experience from the start. Our firm is currently seeking highly motivated, detailed individuals for…
Seven Reasons to Refinance a Home Mortgage
With record-low interest rates, many people are considering refinancing their mortgage. However, low rates aren’t the only reason for refinancing a home loan these days. Here are several other good reasons to think about a new home loan: Refi for a lower rate: This is the number one reason to refinance. However, a lot of…
Time is running out for tax-free treatment of home mortgage debt forgiveness
Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income. Think of it this way: If a creditor forgives a debt, you avoid the expense of making the payments, which increases your net income. Debt forgiveness isn't the only way to generate a tax liability, though. You can have COD income if…
IRS Aims to Fix Misclassification of Workers Problem
One of the biggest problems affecting the IRS, U.S. Department of Labor and state governments is the misclassification of workers. Improper classification of workers as independent contractors costs the government tax revenue, in the form of lost withholding, unemployment, workers’ compensation, and Social Security and Medicare taxes. It’s unclear exactly how many workers are unclassified,…
Congress recesses until after the election; tax law uncertainty remains
After being in session for only two weeks in September, Congress has now adjourned until after the November 6 elections — without reducing any tax law uncertainty. The "lame duck" session is the next possibility for legislative activity. The Senate will return for the week of Nov. 15, break for the week of Thanksgiving and…