Welcome to The Incredible Penny, a blog about personal finance.
It's not what you earn, it's what you save. Discover how you can change your financial life one penny at a time.
Welcome to our new blog about personal finance. We're going to talk about everything money-related so you can make better decisions when it comes to your finances.
Do you have questions? We've got the answer, let us know and we'll do our best to help set you in the right direction. Don't forget to check back often!
If you haven't already, make sure to watch and subscribe to our YouTube Channel!
Solo 401k Contribution Deadlines
2021 Solo 401k Contribution Deadlines Tax Entity Type 2021 Contribution Deadline 2021 Extension Contribution Deadline Sole Proprietor (Schedule C)April 15th, 2022October 17th, 2022LLC (Schedule C)April 15th, 2022October 17th, 2022PartnershipMarch 15th, 2022September 15th, 2022S-Corporation (Employer Contribution)March 15th, 2022September 15th, 2022S-Corporation (Employee Contribution)January 31st, 2022Not EligibleS-Corporation (Non-Deductible Employee)March 15th, 2022September 15th, 2022 2022 Solo 401k Contribution Deadlines…
Roth IRA MAJOR UPDATE proposed for MORE TAX-FREE contributions
Here is the proposed bill Senators Burr, Casey Introduce College Savings Recovery Act
Backdoor Roth IRA Pro Rata Rule Explained
The Pro Rata Rule is required when you convert a traditional retirement plan, whole or in part, to a Roth IRA and the traditional IRA has both aftertax and pretax money. The premise of the pro rata rule is to prevent higher-income earners from taking advantage of the backdoor Roth conversion without incurring additional taxes.…
Roth IRA Contribution & Income Limits 2022
Roth IRA + Traditional IRA Contribution Limits 2022 IRA + Catchup Contribution 2021 2022 Roth IRA $6,000 $6,000 Roth IRA Age 50+ $7,000 $7,000 Traditional IRA $6,000 $6,000 Traditional IRA Age 50+ $7,000 $7,000 Roth IRA Income Limits Filing Status 2021 Roth IRA Income Range 2022 Roth IRA Income Range Single $125,000-$140,000 $129,000-$144,000 Married Filing…
How to calculate self employment taxes
Self-employment taxes are the employment taxes for someone who is self-employed. They are separate from your state and federal taxes. If you want a quick answer, check line 12 on schedule SE. Continue reading if you want to understand how self-employment taxes work. Table of Contents Full Video Transcript: How to calculate self employment taxes…
Aura Digital Safety App Review | Identity Theft Protection
The Aura digital safety app is so much more than just an app. It protects your digital identity and devices and some parts you probably didn’t realize need protecting. I have updated this post a few times, added more videos on Aura and each time I’m more impressed and feel that much more at ease…
What is reasonable compensation for s-corp owners?
What is reasonable compensation for s corp owners? Section 162 of the tax code states, “a reasonable allowance for salaries or other compensation for personal services actually rendered,” but what does this mean for your s-corp owner compensation? The term you will hear repeatedly when it comes to S-corp owners and compensation is, “reasonable.” The…
Best College Savings Plan
There are several options for college savings plans. The best plans offer flexibility in saving, tax-free growth, and a wide range of investment options. In my opinion, the 529 college savings plans and the Coverdell Education Savings accounts are among the top plans. However, the Coverdell ESA usually offers more investment options than the 529…
Can you do a Roth conversion with stocks?
The Roth conversion can be done in a few different ways. The Roth IRA conversion I’m talking about here is moving stocks, bonds, ETFs, or mutual funds from the traditional IRA to the Roth IRA. While you can move property such as stocks from the traditional IRA to the Roth IRA there are a few…
How to start planning for retirement at age 25
In this post, I’m talking about how to start planning for retirement at age 25. So if you’re starting your retirement planning. We have you covered. And if you’re looking for the basics in retirement planning, you’ve come to the right place. Table of Contents Why Age 25? Age 25 is a starting point. It’s…
Should I own an S-Corp to save taxes?
How many S-Corps should you have? Is one enough? Multiple? Or should you skip the s-corp altogether? I will only focus on the taxes and retirement savings when it comes to the s-corp and not any legal or shareholder benefits. S-Corporations are great for small business taxes, but you need to know how those taxes…
Roth IRA Excess Contribution to tax-free Recharacterization then Backdoor Roth Conversion
Full Transcript In this video, I’m going to talk about a Roth excess contribution being recharacterized back to the traditional side as a nondeductible contribution and then back to the Roth with a backdoor Roth conversion. What’s going on, guys? Welcome back to the channel or if this is your first time at our channel…
How to file an annual report for an LLC or S-Corp in Florida
File Annual Report FULL TRANSCRIPT [Edited for readability] In this video. I’m going to show you how to update your annual report if you have an LLC or an S-Corp in the State of Florida. So the first thing we’re going to do is go to Google and type in Sunbiz renewal. We’re going to…