I prepare individual state and federal income tax returns, as well
as tax returns for trusts and estates, and cousel clients on minimizing or avoiding federal estate (inheritance) taxes. I prepare wills and trusts to
accomplish significant tax savings. I advise clients on distributions from IRA
and 401K accounts to minimize income taxes. For further information on
estate taxes, go to the page regarding wills, trusts and estates.
IRA and 401K accounts. Special tax rules.
The following are a few tips in dealing with tax-deferred assets such as Individual Retirement
Accounts and 401K's or "savings plans." Many factors affect these accounts and
withdrawals from these accounts. Please contact the office if you have a particular
problem or situation to discuss.
Setting up or adding to an IRA--When do you qualify?
--Any person earning income can establish or add to an IRA. Whether the deposit
will reduce the income or taxes in that year is another question. Adding money to
an IRA allows that money to grow, by interest, dividends and capital gains, tax free
until the money is withdrawn, usually not until age 59 1/2 or later.
Tax Law Sites
www.taxsites.com This site has a huge listing of tax sources on the Internet. (I bookmarked it!)
Internal Revenue Service www.irs.gov
Illinois Department of Revenue www.revenue.state.il.us/relatedsites.html
| Law Office of Gary M. Moore |
535 S. Washington Street Naperville, IL 60540 |
Phone: (630)357-6966 |
|
Email: garymoore@Naperlaw.com |
Fax: (630)357-1210 |