Lower My Tax Now Blog

Roth Conversions are Taxable

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If you convert a traditional IRA to a Roth, there’s a price to pay. Converted amounts attributable to tax-deductible contributions, plus all of the earnings, are taxable at ordinary income rates. To lessen the tax hit, you may choose to convert only a part of your IRA to a…

Forgiven Debt Can be Taxed as Income

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With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And it can be,…

Avoid Underpayment Penalties

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Don’t let penalties for underpaid taxes increase your tax bill next April. Check the total tax you’ve paid in for 2012 through withholding and/or quarterly estimated payments. If you’ve underpaid, consider adjusting your withholding for the final pay periods of 2012.

Withheld taxes are considered paid in equal amounts during…

Recordkeeping Tips From the Pros

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If you want to give your tax recordkeeping skills a performance boost, do what accounting professionals do.

1. Maintain a separate bank account for all self-employed business activity. This will greatly minimize confusion come tax time by giving you just one place to look for business transactions. The same is…

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