Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Biz Owners: Convert to a Roth IRA Before Year-End for #StrategicTaxPlanning

Name: Painting Biz Owners: Convert to a Roth IRA Before Year-End for #StrategicTaxPlanning
Uploaded: 2024-12-26T14:15:02+00:00
Duration: 22 s
Channel: Daniel Honan
Description: In this brief advisory segment, the speaker warns painting business owners that backdoor Roth IRA conversions—moving funds from a traditional IRA to a…

26 Dec 2024 · 0 min

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In this brief advisory segment, the speaker warns painting business owners that backdoor Roth IRA conversions—moving funds from a traditional IRA to a Roth IRA—must be completed by December 31st to be effective for the current tax year. The speaker advises viewers to coordinate with their tax professional to ensure the conversion is executed before year‑end, emphasizing the importance of timing and professional guidance for strategic tax planning.

Roth conversions. This is kind of swimming in the deep end, but if you are looking at doing what's commonly known as a backdoor Roth, where you take a traditional IRA and you convert it into a Roth, those conversions do need to be done before December 31st. If that's on your radar, you're probably already talking to your tax professional about that. Just make sure it happens before the end of the year.