The IRS has announced that it will be ending its Offshore Voluntary Disclosure Program on Sept. 28, 2018. Individuals should take advantage of the OVDP to report foreign bank accounts that haven’t been reported previously.
If your joint tax return shows that you have earned $193,000 or more, you are not eligible to contribute to a Roth IRA. Yet, there are still possibilities to take advantage of Roth IRA benefits, if you do so strategically.
This is the time of year to make sure you are taking advantage of every potential tax savings opportunities. If you own a profitable business that exports items that are 50 percent or more manufactured in the U.S., you may have the opportunity to realize as much as 15% to 20% in tax savings.
The earlier you open a 529 plan, the greater the opportunity for a comfortable nest egg by the time your children are ready for college.