The Magic of the Mega Backdoor Roth
A Mega Backdoor Roth is a strategy to put away as much Roth money as you legally can in a given year.
The Power of the Health Savings Account (“HSA”)
The Health Savings Account is one of the most powerful pieces of a well designed health care strategy. It includes saving money, saving taxes, building a tax-free ‘bucket’ for health care and most importantly taking control of your own health care strategy.
529 vs ESA: The Best for College Savings
The little-known fact that can transform your Coverdell ESA into a powerhouse for college savings is that you can self-direct the investments. The Coverdell Education Savings Account (ESA) is the best tool to save and build wealth for college expenses tax-free. In fact, it offers greater benefits than the popular 529 plan. So why don’t […]
5 Hot Tax Deductions for Your Business before Filing in 2022
I truly believe that far too many business owners, CPAs and Tax Preparers are overly conservative and miss out on important expenses that we are entitled to.
How to write-off the cost of a Cruise?
Many taxpayers may think a Cruise ship is a great place to have their next “annual company meeting” or attend a conference. They may also think they can take a tax write-off for some education. Don’t get your hopes up. Have you noticed there aren’t many conventions and courses offered on Cruise ships anymore? In […]
Does the Household Employee Tax Apply to Me and What to Do
You may have thought the only time you may need to worry about the so-called “Nanny Tax” ( also known as the household employee tax) is if you decide to run for public office and facing a pesky reporter at a political rally. However, it’s a concern everyone needs to take seriously. If you have […]
Writing Off Dining and Food Expenses in 2021 and 2022
Things have changed in 2018 when it comes to writing off meals and food expenses in your small business. Entrepreneurs, have to reevaluate their budget for the food and dining.
Why Buy Your Parent’s Home and Rent it Back to Them
There are several ways to handle a parent’s home depending on their particular health or financial situation. At a bare minimum, your parents should have a Revocable Living Trust to ensure the orderly and effectively transfer of the home to the family and avoid probate in states where the expense is significant.
Ways to Succeed at Tackling Student Debt
Student loans cause a great deal of stress in the lives of many Americans. From keeping track of payment deadlines or living in constant fear of not being able to make their next payment, the whole process can be overwhelming. The bottom line is even if you are making payments and chipping away at your […]
