January 2017 Newsletter


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Hodge Group LLC
Monthly Client Newsletter
January 2017

 

In this issue:
Know Your Audit Risk
When Converting to a Roth Makes Sense
An Early Roth IRA Conversion Tip
Seven Tips for a Better 2017
2017 Standard Mileage Rates

 

Contact:
tom@thehodgegroup.com
Phone (773) 237-6369

 

This Month:
January 17th:
4th quarter estimated tax payment due
Action Items:
• Start gathering 2016 tax information
• Review 2017 W-2 withholdings
• Set 2017 financial goals
Happy New Year! With the transition in the White House, 2017 could be a very eventful tax year. One thing we’ve all learned from the uncertainty of the past few tax years is to not make plans based on what may happen. Instead, make plans using current law while remaining flexible to possible changes.

Included in this month’s edition are some audit risk factors to consider, determining whether a Roth IRA makes sense for you, and some New Year’s resolutions for 2017. Should you know of someone who may benefit from this information please feel free to forward this newsletter to them.

Know Your Audit Risk

Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared.

Read full article

 

When Converting to a Roth Makes Sense

Virtually anyone with a qualified retirement savings account can convert funds into a Roth IRA. A Roth is different from other retirement accounts in that contributions come from after-tax dollars, while earnings are tax-free. The question for taxpayers with funds in tax-deferred Traditional IRAs, SEP-IRAs, 401(k)s, and 403(b)s is whether converting them into a Roth is worth it.

Read full article

 

An Early Roth IRA Conversion Tip

It’s best to take action early in the tax year if you want to roll funds into a Roth IRA. That’s because an early move into a Roth typically gives you the option to re-convert your funds through October 15th of the following tax year. The IRS calls this process recharacterization.

Read full article

 

Seven Tips for a Better 2017

New Year’s resolutions are notoriously easy to make, but hard to follow. With that in mind, here are a few ideas worth trying this year.

Read full article

 

2017 Standard Mileage Rates

The IRS recently announced mileage rates to be used for travel in 2017. The business mileage rate decreases by 0.5 cents while medical and moving mileage rates are lowered by 2 cents. Charitable mileage rates are unchanged.

Read full article

As always, should you have any questions or concerns regarding your situation please feel free to call.

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