Hi All - I have provided a few links below to help you all plan for tax preparation season.
Checklists to help you identify what items and documentation is needed for 2009 Tax Preparation (I also have a tax organizer that is detailed or you may also want to flip through your prior year return as a memory jogger):
1. General tax preparation checklist
Also, here are some websites I use that have tax research departments much larger than mine.
1. Deloitte & Touche's The Essential Wealth and Tax Planning Guide for 2010 - Deloitte & Touche is among the largest CPA firms (and my first employer) and have extensive tax research resources. Many of us are unable to afford the CPA tax professionals from D&T; however, we all can benefit from the tax resources they make available on their website. Please contact me if you need help.
2. Perez Tax Associates' Tax Planning website - I use several CPA/tax professional websites and found this site to be representative for many small business owners and individuals.
I hope the above links help you prepare for 2009 tax season. I welcome your feedback regarding if you find this type blog postins helpful.
Eura Tunstall, CPA
http://www.euratunstall.com/
Disclaimer: Please note that the information and links provided above are not intended to be legal or tax advice or relied on to unlawfully avoid taxes. Please contact a professional tax or legal professional before relying upon above provided information.
Sunday, January 17, 2010
Saturday, January 16, 2010
Roth: To Convert or Not to Convert....
Good Morning Everyone - Another question that I am getting from many of you and considering for myself is whether to convert your IRA into a ROTH IRA.
I always try to steer clear of opinion from those who have something to gain (i.e. commissions) and rather try to find guidance that is unbaised (hopefully). Robrt Keebler, CPA wrote this article in Journal of Retirement Planning "To Convert or Not to Convert, That is the Question" , Roth IRA Conversions (this is an easy read - start with this one), as well as, this article which is more pessimistic thinking about conversion "The Great Roth Conversion Farce". I hope that this two article provide you a basis of preparing for your discussions with your CPA and financial planner to help you decide.
In addition to these articles, I have read how there may be differences in asset protection in an IRA versus a Roth IRA (my understanding is Roth trusts are under state jurisdiction while IRAs are governed by ERISA/Federal). Either way, this is an example of why you should probably seek the advice of a qualified professional prior to converting your IRA.
Eura Tunstall, CPA
*Please sign up for Eura's newsletter to receive an on-line coupon.
Disclaimer: This posting is not intended to be professional accounting or legal advice. Please seek professional quidance. IRS Circular 230 requires that we inform you that the advice contained herein is not intended to be used, and it cannot be used, for the purpose of avoiding penalties that may be imposed by the IRS.
I always try to steer clear of opinion from those who have something to gain (i.e. commissions) and rather try to find guidance that is unbaised (hopefully). Robrt Keebler, CPA wrote this article in Journal of Retirement Planning "To Convert or Not to Convert, That is the Question" , Roth IRA Conversions (this is an easy read - start with this one), as well as, this article which is more pessimistic thinking about conversion "The Great Roth Conversion Farce". I hope that this two article provide you a basis of preparing for your discussions with your CPA and financial planner to help you decide.
In addition to these articles, I have read how there may be differences in asset protection in an IRA versus a Roth IRA (my understanding is Roth trusts are under state jurisdiction while IRAs are governed by ERISA/Federal). Either way, this is an example of why you should probably seek the advice of a qualified professional prior to converting your IRA.
Eura Tunstall, CPA
*Please sign up for Eura's newsletter to receive an on-line coupon.
Disclaimer: This posting is not intended to be professional accounting or legal advice. Please seek professional quidance. IRS Circular 230 requires that we inform you that the advice contained herein is not intended to be used, and it cannot be used, for the purpose of avoiding penalties that may be imposed by the IRS.
Business Planning/Risk Management
Happy New Year Everyone:
I have attached two posting that I hope will help you plan for your New Year activities. So many of us remain unclear what the economy may hold for our future. We are receiving conflicting information from our news sources. With that in mind, I provide two links that I hope you will find useful in your planning and risk management.
One is a SWOT analysis. I have used this before and think it is worth the time investment, especially if you are expanding your business or making signficant capital/business investments. The current economic environment may add additional creativity to our planning as we all may need to have a plan B and perhaps even a plan C to deal with the risks that may face our business.
People seemed split on the status of the economy. Many think we have "turned the corner". While I don't have the answer, I do tend to be cautious in my business affairs (as most CPAs are). The attached US News article may provide a backdrop for things you may wish to consider and watch while performing your business (or personal) SWOT analysis.
I wish you all much success in the New Year.
Eura Tunstall, CPA
*Sign up for Eura's newsletter today to receive an online coupon.
Disclaimer: This blog is not intended be professional advice, accounting, legal or otherwise. Please seek professional guidance. IRS Circular 230 requires that I inform you that the advice contained herein is not intended to be used, and it connot be used, for the purpose of avoiding penalties that may be imposed by the IRS.
I have attached two posting that I hope will help you plan for your New Year activities. So many of us remain unclear what the economy may hold for our future. We are receiving conflicting information from our news sources. With that in mind, I provide two links that I hope you will find useful in your planning and risk management.
One is a SWOT analysis. I have used this before and think it is worth the time investment, especially if you are expanding your business or making signficant capital/business investments. The current economic environment may add additional creativity to our planning as we all may need to have a plan B and perhaps even a plan C to deal with the risks that may face our business.
People seemed split on the status of the economy. Many think we have "turned the corner". While I don't have the answer, I do tend to be cautious in my business affairs (as most CPAs are). The attached US News article may provide a backdrop for things you may wish to consider and watch while performing your business (or personal) SWOT analysis.
I wish you all much success in the New Year.
Eura Tunstall, CPA
*Sign up for Eura's newsletter today to receive an online coupon.
Disclaimer: This blog is not intended be professional advice, accounting, legal or otherwise. Please seek professional guidance. IRS Circular 230 requires that I inform you that the advice contained herein is not intended to be used, and it connot be used, for the purpose of avoiding penalties that may be imposed by the IRS.
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