– Traditional IRAs provide tax incentives for retirement savings and allow earnings to grow tax deferred.
– Contributions to traditional IRAs may be tax deductible, and money is not taxed until it is withdrawn.
– There are annual limits to contributions and penalties for early withdrawals from traditional IRAs.
– Roth IRAs have different rules, with contributions not being tax deductible and qualified distributions being tax free.
– Other types of IRAs include SEP IRAs and SIMPLE IRAs, which are set up by employers for their employees. – Payroll Deduction IRA allows employees to set up a traditional or a Roth IRA with a financial institution and authorize a payroll deduction agreement with their employer.
– Rollover IRA allows IRA owners to receive a payment from their retirement plan and deposit it into an IRA within 60 days.
– Income Tax Planning involves strategies and tactics to minimize a person’s overall tax liability.
– Estate Planning involves the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death.
– Tax Preparation involves the process of preparing tax returns, often income tax returns, for individuals or businesses.
– Tax Controversies refers to disputes over tax laws or regulations between taxpayers and tax authorities.
– Offshore Voluntary Disclosure Program (OVDP) is a program that allows taxpayers to come forward and disclose unreported foreign income without facing criminal charges.
– Estate & Trust Administration encompasses the management and distribution of a person’s assets after they have passed away.
– Fiduciary Litigation involves legal disputes over the management of assets or funds by a fiduciary.
– Will Compromises and Trust Reformation are legal processes that involve amending or altering the terms of a will or trust.
– Guardianships and Conservatorships involve legal arrangements where an appointed individual is responsible for making decisions on behalf of another person who is unable to do so themselves.
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