December 27, 2022
Are you contemplating some significant improvements to your home? Whether it’s adding a pool to assist with a medical condition, finishing a basement or installing energy-saving equipment, you may be in line for generous tax breaks under current law. Here are… Read more »
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Adjustment to Basis, Four Tax Breaks for Home Improvements, home acquisition indebtedness, Home Improvements, Home Sale Gain Exclusion, Inflation Reduction Act, IRA, itemized deductions, Medically Necessary Improvements, Mortgage Interest Deductions, Residential Energy Credits, Tax Cuts and Jobs Act, Tax Savings, TCJA
December 27, 2022
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven’t yet taken advantage of this retirement saving strategy. Making annual Roth contributions can have a big upside by allowing… Read more »
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401(k), Adjusted Gross Income, AGI, Are You Missing the Roth IRA Boat?, common misconceptions, Contributions, Contributions to Roth IRAs, Deductible vs. Nondeductible, Income Restrictions, individuals, IRA, MAGI phase-out range, maximum deductible SEP, Need Help, Roth IRA, Roth IRA Basics, self-employed, self-employed individuals, SEP, simplified employee pension, tax benefits of contributing to a Roth IRA, The Truth about Income Restrictions, Traditional IRA
August 31, 2022
Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16. The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise… Read more »
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15% Corporate Alternative Minimum Tax, Clean Vehicle Tax Credit, Commercial Vehicles, Congress has passed the Inflation Reduction Act (IRA), Corporate Stock Repurchases, Energy and Health Care, Energy Improvements, Excise Tax on Corporate Stock Repurchases, Increase in Qualified Small Business Payroll Tax Credit for Research, Inflation Reduction Act, IRA, Payroll Tax Credit, Previously Owned and Commercial Vehicles, Previously Owned Vehicles, Provisions Related to Climate, Provisions Related to Energy, Provisions Related to Health Care, Residential Energy Improvements, Small Business Payroll Tax Credit for Research, tax credit, The Wide-Ranging Inflation Reduction Act Is Signed Into Law, Vehicle Tax Credit
July 25, 2022
Have you recently left the job market to raise your kids, care for an elderly parent or pursue personal interests? Regardless of why you left and whether it’s temporary or long-term, you might still want to save for retirement while your… Read more »
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IRA, Nonworking Spouse, Nonworking Spouse: Contributing to Your Own Traditional IRA, Roth IRA, Roth IRA Contributions, Spousal IRAs, The Lowdown on Spousal IRAs, Traditional IRA Contributions, Traditional IRA Contributions When Both Spouses Work, Working Spouse, Working Spouse: Contributing to a Traditional IRA
January 10, 2022
Did You Know There Are 5 Filing Statuses for Federal Tax Returns? Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain… Read more »
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collectible coins, cost-of-living adjustment, deductible, educators, filing statuses, IRA, out-of-pocket expenses