BUSINESS TAX TIPS

High-income taxpayers are limited in the annual amount they can contribute to a Roth IRA. However, they can circumvent the income limitations by first making a traditional IRA contribution and then converting it to a Roth IRA, which is commonly referred to as a Back-door Roth IRA. However, serious pitfalls associated with this maneuver can result in unexpected taxable income. For more information about how we can help with your taxes see here. Our full service tax accounting firm are here to help.