One frequently overlooked tax benefit is the spousal IRA. Generally, only taxpayers who have compensation can contribute to an IRA. The term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment. Spousal IRAs are the exception to that rule as long as the spouse has adequate compensation. A …
Tax Blog
What Happens If I Missed the Tax Deadline this October 15th?
If you missed the tax deadline – know that you’re not alone. We’ve all been there. Life is super busy. We have to take care of our families and friends, work obligations, and all our other everyday responsibilities. With all of the hustle and bustle, that October 15th tax extension deadline passed. And darn it, …
What Happens If I Missed the Tax Deadline this October 15th?Read More
Don’t Miss Out on Year-End Tax Planning Opportunities
Year-end tax planning opportunities could be exactly what could help perk up a challenging year. Mentioning that COVID-19 has made 2020 a disastrous year for just about everyone is an understatement. But these tax planning options may give you some relief ahead. In response to the economic slowdown and losses of income, Congress passed several …
Don’t Miss Out on Year-End Tax Planning OpportunitiesRead More
12 Financial Metrics Small Business Owners Should Track for Success
If you’re looking for the most helpful financial metrics small business owners should track – look no further. Operating a small business is an exhilarating and, sometimes overwhelming endeavor. There are so many details to keep track of that it’s easy to forget about the basics of your small business’s finances. Especially if you don’t …
12 Financial Metrics Small Business Owners Should Track for SuccessRead More
Are You Keeping Track of Your Investment Basis?
Are you keeping track of your investment basis? If you’re not, here’s a few reasons why you may reconsider tracking your basis. In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may own real property or have a variety of securities. These securities could include stocks, bonds, …
Video: Unable to Keep Up with Your Home Mortgage Payments?
If you are unable to keep up with your home mortgage payments, you are not alone! Many others are receiving temporary home mortgage relief under the CARES Act. Even if you are in danger of having your home repossessed, consider the ramifications of financial relief. Any debt relief can have an impact on your taxes. …
Video: Unable to Keep Up with Your Home Mortgage Payments?Read More
The Solar Tax Credit Is Fading Fast
Sadly, the solar tax credit is sunsetting soon. This federal tax credit was for the purchase and installation costs of a residential solar system. It started as 30% of the cost for several years through 2019. Then the credit dropped to 26% of the cost in 2020. The tax credit will be over in 2021, …
Keeping Your Designated IRA Beneficiary Current Is Important
Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse. And you definitely don’t want your chosen beneficiary to be someone who is deceased. Plus, the decision about whom you wish to designate as the beneficiary of your traditional IRA affects other items including: The minimum …
Keeping Your Designated IRA Beneficiary Current Is ImportantRead More
Tax Consequences of Losing Your Job
The tax consequences of losing your job can be overwhelming at an already stressful time. However, knowing what those tax issues are, regardless of how many issues are involved, is key. How you react can profoundly impact your taxes and finances. The following are typical issues related to taxes and loss of employment: Tax Consequences …
