2017 Corporate Year-End Tax Info and Checklist

Brian SingletonBlog, Watch Your Wallet

Checklist for preparing your records to conform with IRS compliance requirements. How organized is your paperwork? For your corporation to be complete, you need a corporate record book, complete with corporate applications, corporate charter, bylaws, stock certificates and minutes of meetings. These items are all evidence that your business is a legitimate corporation. Do you loan your corporation money? You must be careful to document debt. Short term unwritten advances of less than $10,000 are acceptable if you treat them … Read More

Traditional IRAs vs. Roth IRAs in 2017

Brian SingletonBlog, Watch Your Wallet

Withdrawals from Roth IRAs may be taken out penalty and tax-free before age 59 1/2 as long as they are contributions (not earnings). Withdrawals that are earnings are subject to the same 10 percent penalty tax as traditional IRAs. There is an exception for qualified first-time home-buyers: A maximum of $10,000 of Roth IRA earnings may be withdrawn penalty-free to pay for qualified first-time home-buyer expenses as long as at least five tax years have passed since your initial contribution.Withdrawals … Read More