Frazer LLP Blog

Jonathan Smeragliuolo, CPA


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Retirement Savings for the Self-employed

Nov 6, 2017 2:35:00 PM / by Jonathan Smeragliuolo, CPA posted in Retirement Planning, SEP, Self Employed

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Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. So whether you’re a “full-time” independent contractor or you’re employed but earn some self-employment income on the side, consider setting up one of the following types of retirement plans this year.

Which retirement plan is right for you? Please contact us. 

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Can I undo my Roth IRA conversion?

Sep 15, 2017 9:34:56 AM / by Jonathan Smeragliuolo, CPA posted in Tax, Roth IRA

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Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn’t converted it? Fortunately, it’s possible to undo a Roth IRA conversion, using a “recharacterization.”

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Home Related Tax-Saving Opportunities

Apr 5, 2017 2:33:06 PM / by Jonathan Smeragliuolo, CPA posted in Tax, Tax Breaks, Home Related Tax Deductions

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Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017:

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2017 Mileage Deduction Rates

Mar 13, 2017 11:00:00 AM / by Jonathan Smeragliuolo, CPA posted in Tax

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Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes.

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