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Roth or Traditional IRA? - Parsec Financial

IRA Contribution Rules

The maximum individual retirement account contribution for 2021 is $6,000 ($7,000 if aged 50 and over). The question of choosing between a Traditional IRA and Roth IRA largely comes down to when it’s most opportunistic for you to pay taxes. A Traditional IRA is a great option if you’re in your mid-to-late career and in

Income Tax 101 for Investment and Tax Planning

With this article, I hope to equip the reader with a basic understanding of the individual income tax calculation and the use of a taxpayer’s marginal tax rate or tax bracket in investment and income tax planning.

Get Ready for Tax Season

It feels as though we just finished this tax season with the next one already upon us. No time to waste so let’s forge ahead!

Six Tax Implications of the 2020 COVID Relief Bill

The Consolidated Appropriations Act, 2021 includes COVID-related relief in the form of the COVID-related Tax Relief Act of 2020 (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR). COVIDTRA and TCDTR include multiple provisions impacting businesses and individuals to provide relief and stimulate the economy.

Happy Donating!

As we approach the end of the year and the holiday season, we seem to be bombarded with opportunities for charitable giving. Happily, many of us answer this call and donate generously to our favorite charitable organizations. Your generosity may also be beneficial at tax time if you remember a few IRS guidelines for charitable contributions …

Take Advantage of Tax Rules To Decrease Your Debt Service Expense

Debt can sure come in handy when buying a major asset like a house or car or managing unexpected expenses. Thankfully, the interest you pay on this debt can often provide a helpful deduction on your tax return. However, the IRS is very specific regarding the situations where interest is or is not deductible. The rules can be quite complex, so a discussion with your tax professional is always a good idea. Here are several typical examples of how the IRS treats interest payments.

Tax Help for Growing Families

Having a child is one of life’s special events – but the cost of a growing family can also bring challenges to your life. Here are some ways that you can take advantage of tax breaks that come along with those extra mouths to feed.

Estimated Tax Payments

What a relief it is as individual taxpayers to get our pesky income tax return filed on July 15 (or sometime thereafter, on extension) and have the IRS leave us alone for another year, right? Well – maybe, depending on your income and income tax withholding on said income.

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