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 āAugusta Ruleā or āMasters Exemption,ā 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 optionsāwhich 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 donāt know all the benefits this type of account
Download the PDF A 529 account is a type of savings plan that is designed specifically for education expenses. The money in a 529 account can be used to pay for a wide range of education-related expenses, including tuition, fees, books, supplies, and room and board. One of the main
When contributing to your IRA or 401(k) you have the option to do either tax-deferred or Roth contributions. The difference in these 2 types of contributions is when taxes are paid. For tax-deferred contributions, taxes have not been paid on the money you use to fund the account. Instead, you
Most business owners have a CPA and/or bookkeeper, but do they have a Financial Planning Expert? Meaning, is someone analyzing the financials for efficiencies or inefficiencies, performing trend analysis, or looking for savings opportunities? Traditionally, there is very little planning that goes into most services offered by your typical CPA.
If you are a business owner and have children, you might not be taking advantage of a simple strategy that can save you taxes, while also getting a jump start on your kidās retirement savings. Through your company, you can hire your child as an employee and pay them
Have you ever gotten a surprise call from your tax preparer telling you that a large tax payment is due, and you only have a few days to make the payment? Well, through tax planning, you might be able to mitigate the frequency of these last-minute tax payments. Majority