The IRS recently published amended final regulations that will allow designated Roth account owners to tailor the tax results from their distributions. This gives owners of the accounts greater flexibility in personal tax planning. Here are the details, including an example of how the new guidance can lower taxes on distributions from designated Roth accounts. Does your employer offer a 401(k), 403(b) or governmental 457 plan? If so, you may be able to set up a designated Roth account through your company’s plan. Then your Roth account will be allowed to receive designated Roth contributions that are taken out of
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Monthly Archives July 2016
Heavy Vehicle Purchases Offer Significant Business Tax Breaks…For Now
Qualifying business vehicle purchases may be eligible for Section 179 depreciation, 50% first-year bonus depreciation and regular depreciation deductions. Combined, these deductions can be substantial. But the favorable tax rules may not last. If you’re considering purchasing an SUV or other heavy vehicle for business, it could make sense to act before year end in case the rules are changed after Election Day. Favorable depreciation rules for business use of “heavy” SUVs, pickups and vans were locked in by the Protecting Americans from Tax Hikes (PATH) Act of 2015. By taking advantage of these rules, you may be able to
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