Tax Strategy Scan: Rerouting refunds into retirement
Six deductions that can turn a home ownership expenses into savings, and other highlights of our weekly roundup of tax-related investment strategies and news your clients may be thinking about.
How to save your tax refund for retirement: Clients can put their tax refund to work for their retirement by depositing all or part of it into an IRA, according to U.S. News and World Report. Making this investment may make them eligible for a deduction on their current or a future tax return. -- U.S. News & World Report
How to keep your parents’ assets from the taxman: A client discovers an alternative to closing his father's IRA after the parent dies, in this article from MarketWatch. This approach keeps the deceased father's money growing tax-free, possibly for decades. Plus other strategies that may save parents' money in their later years and limit how much the government collects after their death. -- MarketWatch
6 tax deductions homeowners won't want to miss: A home owner can save money in a number of surprising ways using these tax breaks, according to the Motley Fool. This story has a checklist with six deductions that can turn a home's expenses into savings. -- Motley Fool