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. [...]
The following table provides some important federal tax information for 2023, as compared with 2022. Many of the dollar amount increases are higher than in past years due to inflation. [...]
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or [...]
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing [...]
Is it possible to have too much of a good thing? The IRS thinks so, at least in the context of compensation paid to business owners. If an owner's compensation is [...]
Answers to your questions about taking withdrawals from IRAs As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from [...]
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. [...]
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use [...]
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high [...]
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee [...]
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of [...]
The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Federal [...]
If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and [...]
How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments [...]
Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 8.7% in 2023, the federal government just announced. On average, the Social Security Administration [...]