Unlocking Retirement Wealth: The Power of the Solo 401(k) and Backdoor Roth IRA When it comes to investing for retirement, there’s a plethora of choices at our disposal. The options may range from traditional IRAs, 401(k)s, and Roth IRAs, to lesser-known alternatives such as the Solo 401(k) and Backdoor Roth
Common Tax Penalties & How to Mitigate Them With Tax Day officially behind us, Iâm sure many people feel like a weight has been lifted off their shoulders (at least until next April). However, some people might be left confused after filing their return. Why am I incurring a
The Tax Cuts & Jobs Act of 2017 (TCJA) capped the deduction of state and local taxes at $10,000 for tax years 2018-2025. This most affected the states that have high property taxes, in that, if you paid $15,000 in property taxes for the year, you could only deduct up
Many people have heard the term âHealth Savings Accountâ or âHSA”, but not many people know how, or why, this type of account can be so beneficial to your financial plan. What is an HSA? HSAs are a type of savings account that allow you to set aside money
Many business owners donât know all the rules behind âwriting offâ or expensing items on their business tax return. There are some expenses necessary to operate the business, but there are also some expenses that may be more personal in nature that could also be justified as a business expense.
When contributing to your IRA or 401(k) you can opt to either make these contributions as tax-deferred or as Roth. However, you might be wondering when should you choose one over the other? Or what are the differences and similarities in the 2 types of contributions? Or, even, what is
One tax strategy that may not be as well-known is the ability to rent out your personal residence without recognizing the income. Otherwise known as the âAugusta Ruleâ or âMasters Exemption,â this provision allows you to rent out your personal residence without having to report the income on your personal
Why do higher-income households inquire about Health Savings Accounts? They have heard about what an HSA can potentially offer them: a pool of tax-exempt dollars for health care, a path to tax savings, even a possible source of retirement income after age 65. You may want to look at this
When it comes to estate planning, trusts, and wills, you have many optionsâwhich begs the question: Which estate planning options are suitable for you and your family? There’s no quick answer to that question because everyone’s situation is unique, but we want to share another tool you may want to
There are so many types of retirement accounts available today, and for most, choosing the right one(s) for you seems incredibly overwhelming. In my opinion, as a CPA, Roth IRAs are one of the most underrated retirement accounts out there. Many donât know all the benefits this type of account