As tax rates increase, the Roth individual retirement account keeps looking better and better. The key feature of a Roth IRA is that all money invested into one of these accounts grows tax-free and qualified distributions are also tax-free! This Tax Tip will look at eight ways to maximize the flexibility of Roth IRA accounts.

Our death and possibility of developing an incapacitating illness are not pleasant things to think about. But planning for them, however, must be addressed.

Our death and possibility of developing an incapacitating illness are not pleasant things to think about. But planning for them, however, must be addressed.We are going to run a four part series of Tax Tips that will highlight some of the primary legal steps you should consider. NOTE: We are NOT attorneys. Please consult with an attorney before following any of these suggestions

In a divorce situation when the couple has minor children, it is common to see the divorce decree will allow one spouse to claim the children as dependents in even years and the other spouse in odd years.Over time, unfortunately, the custodial spouse seems to “forget” this sometimes. To protect the noncustodial spouse, the IRS requires a Form 8332 (link- http://www.irs.gov/pub/irs-pdf/f8332.pdf ) to be attached to the tax return.

Last week we looked at some of the pending tax increases in 2011 if congress does not act by the end of the year. Since no one can predict what congress may or may not accomplish, the following are some planning tips to consider: