Tax Information for 2015
As a financial professional, business owner, and individual tax-payer I cannot count the minutes I’ve spent attempting to track down tax-related information…. Deadlines, IRA contribution and deductibility limits, phase-outs, estate tax rates, gift tax rates, lifetime exemptions, tax brackets, deductions, and credits to name a few. As if trying to gather and retain all of this information isn’t enough, it changes annually based on adjustments to the tax code, new and expiring laws, and inflation and COLA adjustments.
Finding this information when you need it is never easy. Have you ever attempted to browse the IRS website? It is an amazing resource, and saying that it is a wealth of information would be a dramatic understatement. BUT, attempting to wade through that sea of information in search of a specific answer? …is a quest.
I figure that I am not the only one who struggles with this issue and thought I would share a resource that does a pretty good job at consolidating most of this information. It’ll give you somewhere to turn for quick access to updated tax information for the coming year. Click on the following link to access the document.
While we are on the topic…….
• We notice that many of our clients who are eligible to contribute to an IRA do so for the previous year. If possible, consider contributing for the year ahead when you make last year’s contribution. If you can manage to keep this up, all of the money you contribute going forward will have the benefit of an additional year of tax deferral. Not a bad deal, right?
Wells Fargo Advisors Financial Network and its affiliates do not provide legal or tax advice. Transactions requiring tax consideration should be reviewed carefully with your accountant or tax advisor. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.
Traditional IRA distributions are taxed as ordinary income. Qualified Roth IRA distributions are not subject to state and local taxation in most states. Qualified Roth IRA distributions are also federally tax-free provided a Roth account has been open for at least five years and the owner has reached age 59 ½ or meet other requirements. Both may be subject to a 10% Federal tax penalty if distributions are taken prior to age 59½.
Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.