Deciding whether it is advantageous to roll over a qualified retirement plan account (e.g. 401(k) account) to a IRA depends on the taxpayer’s specific circumstances. However, there are some general advantages: 1. Postmortem Tax-deferral Opportunities. Beneficiary designations as of the date of the owner’s death control the availability of various postmortem tax-deferral opportunities. Therefore, it [...]
Congress continues to discuss tax reform and whether taxes and spending should be raised or lowered. One of the topics being bantered about is whether long-term capital gains rates should be increased. Although it is difficult to say where tax rates will go in the future, we have a pretty good idea of where they [...]
The costs of commuting from a personal residence to places of business or employment generally are nondeductible personal expenditures. The deduction for commuting costs is disallowed regardless of the distance involved. However, taxpayers whose residences qualify as their principal place of business can deduct transportation expenses incurred in going between their residence and other work [...]