If you are a W-2 employee, then your employer should be withholding and submitting your taxes each pay period. If you are self-employed or have income other than W-2 income, you might make quarterly tax payments. However, if your employer isn’t withholding enough or your quarterly estimated payments are off,
As an investor, you make the conscious decision to take on the risks associated with investing. At the end of the day, this risk translates to some investments being “winners” and some being “losers”. Unfortunately, almost every investor will encounter these “loser” investments from time-to-time during their life. But
Knowing how much cash you have coming in and how much is going out is important, but knowing why and where the money is going is another level of awareness most don’t take the time to dissect. Whether you’re a business owner or non-business owner planning for retirement, having a
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, I’m 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 Health Savings Account (HSA), but not many people fully understand how—or why—this type of account can be such a powerful part of your financial plan. What Is an HSA? An HSA is a special type of savings account designed to help you set aside
Many business owners don’t know all the rules behind “writing off” 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 “Augusta Rule” or “Masters Exemption,” this provision allows you to rent out your personal residence without having to report the income on your personal