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Tag Archives: IRA
Retirement and Taxes: The Basics of IRAs
Individual Retirement Arrangements (IRAs) provide tax incentives for people to make investments that can provide financial security for their retirement. These can be set up with a bank, life insurance company, mutual fund, or stockbroker. What you should know: Contribution: … Continue reading
IRS Relaxes IRA Transfer Rules
The IRS has recently relaxed a long-time rule punishing people who do not correctly transfer money from one retirement account to another within sixty (60) days of pulling out the money. Now, the IRS offers some exceptions to this sixty … Continue reading
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Tagged Attorney, Down Town Lees Summit, IRA, IRS, Law Office of Camron Hoorfar, Lawyer, LOCH, Retirement, taxes, We Can Help
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Required Retirement Plan Distributions
For anyone who is age 70.5 or older with an IRA, retirement plan, or a Roth IRA, you are required to take a required minimum distribution. A required minimum distribution is a required withdrawal of your retirement account. If you … Continue reading
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Tagged Attorney, IRA, Law Office, Law Office of Camron Hoorfar, Lawyer, Lees Summit, LOCH, Minimum Distributions, Retirement, Retirement plan, Tax
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2014 Tax Tip #2 – Expired Tax Breaks
The following is a list of tax breaks that expired at the end of 2013: Deduction for state and local taxes; Tax-free distributions from IRAs for charitable purposes; Deduction for mortgage insurance premiums; Deduction for tuition; Deduction for mortgage insurance … Continue reading
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Tagged Camron Hoorfar, Deduction, Expired Tax Breaks, Hoorfar Law, IRA, Law Office of Camron Hoorfar, Tax Benefits, Tax Tip
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2014 Tax Tip #1 – IRA Rollovers
The Tax Court has ruled that a taxpayer is limited to one IRA rollover for all IRA accounts. This rule takes effect in 2015. If you have a tax situation that needs fixing, contact our office for assistance at 816-524-4949.
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Tagged Camron Hoorfar, Hoorfar Law, IRA, IRA Rollover, Law Office of Camron Hoorfar, Tax Court, Tax Tip
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2015 Tax Updates
Here are a few recent tax changes for the upcoming 2015 tax year that you should be aware of: The annual contribution limit for 401(k)s, 457 plans, and thrift savings plans is $18,000; The catch-up contribution limit for taxpayers over … Continue reading
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Tagged 2015 Taxes, 401K, Camron Hoorfar, Hoorfar Law, IRA, Law Office of Camron Hoorfar, Tax-time
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Taxpayers Get More Time to Contribute to IRAs in 2012
You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on Monday, April … Continue reading