Gregory & Associates gets involved with the ACS Making Strides Against Breast Cancer Walk/Run that was held on October 15th, 2011. Visit our Community page for pictures of the event.

If you converted your traditional IRA to a Roth IRA during 2010 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to the overall decline of the stock market in 2011, you still have an opportunity to do something about it.  (more…)

For 2011, taxpayers have the option of deducting the amount of state and local income tax that they paid during the year or, if they so elect, of deducting their state and local general sales and use taxes as an itemized deduction on their federal income tax return.  This choice is currently scheduled to expire at the end of 2011. (more…)

If you are 70.5 years of age or older and are considering making a donation to a charity, you may wish to consider the option of making the contribution from your IRA account.

For 2011, you can donate up to $100,000 to your favorite charity, provided it is an eligible charitable organization, tax free from your traditional IRA, Roth IRA, or a SEP or SIMPLE IRA.  To be considered valid, the distribution from the IRA to the charity must be made directly.  It cannot pass through your hands or other accounts.  Note: These distributions are not permitted from ongoing SEP or Simple Plans, i.e. plans to which a contribution has been made for the year. (more…)

Even though retirement may be years away, and it may not be the most pressing issue on your mind these days, don’t forget your retirement contributions, especially with generous government incentives involved.

There are a variety of retirement plans available to small businesses that allow the employer and employee a tax-favored way to save for retirement. Contributions made by the owner on his or her own behalf and for employees can be tax-deductible. Furthermore, the earnings on the contributions grow tax-free until the money is distributed from the plan. Here are some retirement plan options: (more…)

The Joint Select Committee on Deficit Reduction (JSC) is set to convene soon with the goal of reducing the deficit by $1.5 trillion. How will they come up with that amount?  Some sources think they may consider fundamental tax changes that include cutbacks to itemized deductions for individuals. (more…)

A recently released Congressional Research Service (CRS) Report entitled “The Alternative Minimum Tax for Individuals” examines the effects of the Alternative Minimum Tax (AMT) without yet another Congressional fix.

The AMT is another way of computing an individual’s income tax with limited deductions and the elimination of certain tax preferences. Taxpayers pay the higher of the regular computed tax and the AMT.   (more…)

Originally enacted to help offset the repeal of a tax break for U.S. exporters, this provision of the tax code provides a deduction for many U.S. businesses that’s allowed for both regular tax and alternative minimum tax (AMT) purposes.  And, despite the deduction’s history, it’s fully available to taxpayers who don’t export. (more…)