While most of the four in 10 U.S. households who own an IRA don't plan
to convert those accounts to Roth IRAs this year, tens of thousands,
perhaps even hundreds of thousands, are deciding to take the conversion
step — and many are making some astonishing mistakes that experts say
could be avoided easily.
Another Tax Day, another check to Uncle Sam. Right?
more, though, that isn't the case. Indeed, a growing number of
taxpayers pay no income tax whatsoever. And because of increasing
pressure to expand government even faster than the unsustainable path
it's already on, the United States is on a glide path toward an
economic meltdown. According to the Tax Foundation, the number of
taxpayers that had no federal income tax liability increased 45 percent
between 2001 and 2008.
Many tax advisors tell their self-employed clients -- including those
who are "consulting" while looking for work -- to open separate
business bank accounts to make it easier to separate business and
personal expenses for tax purposes.
Relief to seniors facing high prescription drug costs is one of the
first changes to come under the new health care overhaul. But
ultimately that won't offset the relentless increase in retirees'