About Matt Minetzke

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So far Matt Minetzke has created 41 blog entries.

August 2014

“Bunch” miscellaneous itemized deductions to reduce your tax bill


Many expenses that may qualify as miscellaneous itemized deductions are deductible for regular tax purposes only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential [...]

Installment sales offer both pluses and minuses


A taxable sale of a business might be structured as an installment sale if the buyer lacks sufficient cash or pays a contingent amount based on the business’s performance. An installment sale also may make sense if the seller wishes to spread the gain over a number of years — which could be especially beneficial [...]

July 2014

Is a Roth IRA conversion right for you this year?


If you have a traditional IRA, you might benefit from converting some or all of it to a Roth IRA. A conversion can allow you to turn tax-deferred future growth into tax-free growth. It also can provide estate planning advantages: Roth IRAs don’t require you to take distributions during your life, so you can let the entire [...]

Give and receive with a charitable remainder trust


Would you like to benefit charity while reducing the size of your taxable estate yet maintain an income stream for yourself? Would you also like to divest yourself of highly appreciated assets and diversify your portfolio with minimal tax consequences? Then consider a CRT. Here’s how it works: When you fund the CRT, you receive [...]

2 tax pitfalls of mutual funds


Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these two tax pitfalls: Mutual funds with high turnover rates can create income [...]

IRA One-Rollover-Per-Year-Rule


Beginning January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. You can, however, continue to make as many trustee-to-trustee transfers between IRAs as you want. You can also make as many rollovers from traditional [...]

Possible Legislation to Simply Education Tax Credits/Deductions


The House Ways and Means Committee recently approved legislation which is aimed at simplifying the various tax credits available for education. The legislation would combine and consolidate the four existing education credits/deductions: the Hope Credit, the American Opportunity Tax Credit, the Lifetime Learning Credit and the tuition and fees deduction into a single tax credit. In 2013, [...]

Have you misclassified employees as independent contractors?


An employer enjoys several advantages when it classifies a worker as an independent contractor rather than as an employee. For example, it isn’t required to pay payroll taxes, withhold taxes, pay benefits or comply with most wage and hour laws. However, there’s a potential downside: If the IRS determines that you’ve improperly classified employees as [...]

Why you need to know the value of your assets


With the gift and estate tax exemptions currently at $5.34 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, it’s still important to know the value of your assets. First, your estate might be worth more than you think. For [...]