Want A Tax-Free Roth Conversion While Donating To Charity? Here’s How!

Before 2010, most people could not afford to convert an IRA into a Roth IRA. After 2010, the income restrictions that stopped them from doing so were scrapped. But one thing that hasn’t changed is that Roth IRA contributions typically trigger a taxable event. There are few ways of getting around this taxable event: IRA …

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When Do I Need To Issue Form 1099?

Freelancing and independent contracting are becoming more common. Many of the most specific tasks that need to be done are given to these workers. Developers creating apps are just one example of the huge freelance economy. Small businesses and startups often hire contractors and freelancers at some point. Freelancing and contracting provide many unique benefits …

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Job Duties for Your Child

Below are starting ideas for jobs a minor can perform. Of course, some jobs are dependent on age and skills. Some jobs are a great way of learning new skills that can be applied to their education! Janitor – cleaning, emptying trash, etc Scan receipts and save them in digital format (google drive, dropbox, etc)  …

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How to use Passive Income Generators (PIGs) to offset Passive Losses

Taxpayers with high ordinary incomes are highly taxed. If you’re a high-net-worth earner, you’ve likely diverted some of your income into investments. The most common investment type for those in this situation is real estate. Passive income is taxed with a different set of rules than the ones surrounding your ordinary income. Passive income tax …

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What You Need To Know About The 83(b) Election And How It Can Help You Save BIG On Taxes

If you’re making a large sum of ordinary income while investing, you’re in a unique tax situation. Ordinary income, like what you earn on through your W-2, on a Form 1040 income is highly taxed. But if you use the right methods to handle your investment income, you can save a lot of money. If …

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Avoid early IRA withdrawal penalties by using the 72(t) rule

Have you been saving for your retirement? If you’re making a high enough income, you’re likely building up healthy retirement savings. If you’ve also been receiving a match on your contributions from your employer to a 401(k), you’re likely doing even better. But regardless of which retirement accounts you’re using, you’ll face the hefty 10% …

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Should I pay off my mortgage or invest?

Professionals with high incomes are often faced with difficult financial choices. One of the most common and difficult choices is whether to focus on paying off a mortgage. Doing so can remove one of the largest financial burdens most individuals face. Alternatively, investing in your future may seem a better idea than focusing on your …

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Incorporation Is Not for Everyone

If you’re not good at paperwork, the corporate form of business is probably not for you. Let me tell you about a tax court case involving William H. Bruecher III. He learned a lesson by paying more than $27,000 in taxes on monies his corporation supposedly loaned to him. Mr. Bruecher’s corporation did not pay …

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When do I file MFS versus MFJ?

Your marriage status has a large impact on your taxes. But even when you’re married, you still have a serious tax choice to make. While taxes aren’t the most romantic topic to discuss with your partner, you’ll want to have the talk. So, cuddle up in bed, get a glass of wine, grab your tablet, …

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