Thinking of Converting Your Traditional IRA to a Roth? Now May Be the Time

Anyone who is thinking of converting their traditional IRA to a Roth IRA may want to consider doing it this year. Why? Because today’s unique conditions create an opportunity to minimize the tax bite from converting. In fact, many have already taken advantage of this opportunity, with one provider reporting a 67% increase during the first four months of 2020 compared to a year earlier.

But before you begin to decide whether or not to convert, make sure you are familiar with what’s involved with a Roth conversion.

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How to Fight Big Medical Bills

Medical bills scare us all.  Today, consumers are responsible for much more out of pocket costs at all levels including premium and expenses.  Medical debt can actually appear on your credit history as shortly as 180 days.  To avoid this, address the bills as soon as they arrive.  Taking immediate action of some kind is valuable and can allow a payment plan to begin, an extension or request for financial assistance.  Here are some additional options to check into when medical bills arise. 

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Unemployment Benefits: Avoid an Unwelcome Tax Surprise

2020 has been a year of turbulence and has created chaos for many Americans including governmental issued shutdowns, quarantines, social distancing and potentially filing for unemployment. Both the United States and the State of Iowa set records for unemployment claims during the 2020 COVID-19 pandemic. Unemployment claims are down from the initial surge, but remain high compared to traditional levels as Congress continues to try to find ways to help distressed individuals and businesses. This blog is aiming to provide some clarity on the taxation of those unemployment benefits to prevent already distressed individuals from receiving additional bad news next tax season.

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Perfect Vision: How to be ready for a year like 2020

What a year it has been. I no longer believe that “2020” is perfect vision, because I don’t think any of us saw this year coming…no matter how good your vision is! It’s definitely been a year packed full of challenges, frustration and uncertainty – on so many levels. 2020 has brought with it an element of change for all of us.  It has forced us to modify the way we work, the way we learn, and the way we play.

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