DON’T MISS THE OPPORTUNITY FOR A SPOUSAL IRA
Article Highlights: Spousal IRA Compensation Requirements Maximum Contribution Traditional or Roth IRA? One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, …
12 FINANCIAL METRICS SMALL BUSINESS OWNERS SHOULD TRACK
Operating a small business is an exhilarating and, at times, overwhelming endeavor. There are so many details to keep track of that it’s easy to forget about the nuts and bolts of your organization’s finances – especially if you didn’t start out …
THERE IS MORE TO DEDUCTING HEALTH INSURANCE THAN MEETS THE EYE
Article Highlights: Itemized Deduction AGI Limitations What Insurance is Deductible Above-the-Line Deduction for the Self-Employed Income Limitation Subsidized Limitation Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that …
IS A LIVING TRUST APPROPRIATE FOR YOU?
Article Highlights: What Is a Living Trust? Is a Living Trust Appropriate? Establishing a Living Trust Pros of a Revocable Trust Cons of a Revocable Trust You have probably heard others discussing living trusts but may not understand the reasons for them …
KEEPING YOUR DESIGNATED IRA BENEFICIARY CURRENT IS IMPORTANT
Article Highlights: How Naming Beneficiaries Impacts Traditional IRA Distributions The Impact of Naming Your Trust as a Beneficiary IRA Beneficiary Taxation Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse, and you …
TAX CONSEQUENCES OF LOSING YOUR JOB
Article Highlights: Severance Pay Unemployment Compensation Health Insurance Employer Pension Plan Coronavirus-related Distributions Home Sale If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes …
HOW TO FILE TAXES AFTER MOVING TO A NEW STATE
Moving to a new state can be an awesome new adventure. Whether you are moving for a new job, to be closer to family, to retire, or for some other reason. No matter what takes you to your new residence, you can’t …
FOREIGN ACCOUNT REPORTING DUE OCTOBER 15
Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in …
ACTUALLY, A RECESSION IS A GREAT TIME TO LAUNCH THAT NEW STARTUP
It’s safe to say that there are a lot of people worried about an impending global recession thanks to the economic slowdown that the ongoing COVID-19 pandemic has brought with it – and your average entrepreneur and startup founder is chief among …
STILL WAITING FOR THE IRS TO CASH YOUR CHECK?
Article Highlights: IRS’s Unopened Mail Backlog Uncashed Checks Dishonored Payment Penalty IRS Relief for Taxpayers During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS …
