Do You Have Tax Questions? We’ve Got Answers!

Tax | Prager Metis | Aug 02, 2022

Should I convert my Traditional IRA to a Roth IRA? ROTH IRA Conversions – This question has consistently been in the top ten list of questions from our clients. Tax rates are at their lowest level since 2018 and are due to sunset in 2025. To help stabilize the economy, the current administration is looking to find ways to increase taxes and ROTH Conversions are on the chopping block. If you decide to convert your traditional IRA to a Roth IRA, the tax rate applicable to the conversion is lower now than it will be if you wait until 2026 to make the conversion. Unlike Traditional IRA’s, Roth IRA contributions and conversions appreciate tax-free. In addition to tax-free appreciation, unlike Traditional IRAs, there is no required minimum distribution (RMD) for Roth IRAs during the account owner’s lifetime. Click here for more information on our tax services and how to contact us today!


Top Ten Year-End Tax Planning Checklist

As the year draws to a close, taking proactive steps in your financial planning can significantly impact your tax liability. This checklist provides a guide to key strategies that individuals can consider before the end of the year to potentially decrease their income tax. By strategically managing income, deductions, and investments, you can optimize your tax situation and position yourself for a more tax-efficient financial future.

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