Roth IRA Contribution & Income Limits 2022

Roth IRA + Traditional IRA Contribution Limits 2022 IRA + Catchup Contribution 2021 2022 Roth IRA$6,000$6,000Roth IRA Age 50+$7,000$7,000Traditional IRA$6,000$6,000Traditional IRA Age 50+$7,000$7,000 Roth IRA Income Limits Filing Status 2022 Roth IRA Income Range 2023 Roth IRA Income Range Single$129,000-$144,000$138,000-$153,000Married Filing Jointly$204,000-$214,000$218,000-$228,000Married Filing Separately$0-$10,000$0-$10,000 Traditional IRA Income Limits Filing & Workplace Status 2021 IRA Income…

Read More

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…

Read More

What is reasonable compensation for s-corp owners?

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…

Read More

Best College Savings Plan

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…

Read More