Can You Contribute To An IRA & 401(k) In The Same Year?
There are income limits that can prevent you from taking a tax deduction for contributions to a Traditional IRA if you or your spouse are covered by a 401(k) but even if you can’t deduct the contribution to the IRA, there are tax strategies that you should consider
Kiddie Tax & Other Pitfalls When Gifting Assets To Your Kids
Before you gift assets to your children make sure you fully understand the Kiddie Tax rule and other pitfalls associated with making gift to your children……….
How To Pay 0% Tax On Capital Gains Income
When you sell a stock, mutual fund, investment property, or a business, if you have made money on that investment, the IRS is kindly waiting for a piece of that gain in the form of capital gains tax. Capital gains are taxed differently than the ordinary income that you received via your paycheck or pass-through income from your business. Unlike ordinary
Retirement Account Withdrawal Strategies
The order in which you take distributions from your retirement accounts absolutely matters in retirement. If you don’t have a formal withdraw strategy it could end up costing you in more ways than one. Click to read more on how this can effect you.
Estimated Tax Payments Still Due April 15th
The IRS extended the tax filing deadline for 2020 from April 15th to May 15th. Click to read more on the questions that we are getting from business owners, retirees, and individuals taxpayers.
COVID-19 Distribution Tax Forms!!!
If you took a COVID distribution from a retirement account, IRA, 401(K), in 2020, you will have to report it on your taxes. Here are the special tax forms that you will need to report your COVID distribution. DISCLOSURE: This is for…
