by Bruce E. Bell | Jan 1, 2016 | Bruce E. Bell, Tax Corner
Question: Even though I am ineligible to make a Roth IRA contribution, can I make a non-deductible IRA contribution and then convert this amount to a Roth IRA?Answer: You describe an interesting strategy which permits many taxpayers who are ineligible to...
by Bruce E. Bell | Dec 1, 2015 | Bruce E. Bell, Tax Corner
Question: Can you explain how I can use an Able account for my disabled son? Answer: Relatively new legislation and recent IRS guidance have created a tax savings opportunity for many disabled individuals. In a fashion similar to how college savings or “529 plans”...
by Bruce E. Bell | Nov 1, 2015 | Bruce E. Bell, Tax Corner
Question: I purchased a second residence several years ago which is now worth less than I paid for it. Can I convert the property to business use and report a tax...
by Bruce E. Bell | Oct 1, 2015 | Bruce E. Bell, Tax Corner
Question: Due to the estate tax portability rules, do I really need to maintain my current estate plan which creates marital and non-marital trusts for the benefit of my spouse upon my death? Answer: Congress instituted estate tax portability into the...
by Bruce E. Bell | Sep 1, 2015 | Bruce E. Bell, Tax Corner
Question: As part of the upcoming sale of my business, I will be receiving a promissory note with no payments to be made until the note’s five-year maturity date. If interest accrues at the IRS rate of interest, will I be subject to imputed...
by Bruce E. Bell | Jul 31, 2015 | Bruce E. Bell, Tax Corner
Question: What is a dynasty trust?Answer: A dynasty trust is designed to hold assets in trust for successive generations of family members. Structured so that beneficiaries do not have outright ownership of assets, dynasty trusts avoid estate, gift...
