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.
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…
How to send the Advance Child Tax Credit payment back to the IRS
You can send the Advance Child Tax Credit payment back to the IRS if for any reason you don’t want it. Maybe you know that you won’t qualify for it or you just want to send it back and claim it on your next tax return. Whatever the reason you may have for not wanting…
Can a 1099 independent contractor have a Solo 401(k)?
The short answer is yes and it depends. First, let’s clarify who we’re talking about here. If you are earning money as a side hustle, independent contractor, 1099, sole proprietor, or schedule C filers which are really all the same thing, you may be eligible based on these types of income to contribute to a…
Financial Planning starts here
Welcome to The Incredible Penny, your personal finance journey starts here. I don’t care if you have a little or a lot of money, experienced or a newbie at money management, my goal is to help you navigate and become financially better than you were yesterday. Most of my posts will have a Youtube video…
Fidelity Retirement Trends Q2 2021
The fidelity report shows how much people are saving in their retirement accounts. These retirement trends are broken down into 401k and 403b accounts, noted as DC Plans, and IRA’s which include Roth and Traditional IRA retirement plans. Even with the pandemic, economic and financial changes fidelity points out that, “Q2 2021 participants continued to…
The Roth IRA Explained in 60 seconds
The Roth IRA is an after-tax retirement planning account that grows tax-deferred and comes out tax-free in retirement. The youtube video quickly shows the income and contribution limits for the Roth IRA and a quick example of a Roth IRA contribution phaseout. The Roth IRA explained in 60 seconds the Roth IRA for 2021 is…
Vanguard takes on the FIRE movement with updates to the 4% rule
In this video I’m talking about Vanguard taking on the FIRE movement with updates to the 4% rule. If you want to retire early or retire by 40 this video is for you. Vanguard uses a new dynamic spending strategy to help increase your likelihood of retiring early. By retiring early your retirement can increase…
How to turn your $10,000 Roth IRA into $1,184,186 tax free
The Roth IRA can give you tax-free growth for your retirement savings plan. But what does that look like? How much do you need to contribute to become a millionaire in retirement? We all want to be rich or have the financial independence necessary to do what we want when we want, right? You could…
EIDL Grant Program Update July 5th 2021
The EIDL Grant Programs are still going. You can potentially qualify for up to $15,000 from all programs. The amounts are for the grants as long as you use the money correctly and of course apply. Here is the page to apply on the SBA’s website. Click the button to apply and complete all of…
Advance Child Tax Credit Full Walk through
Here is the link to the Advanced Child Tax Credit portal to opt out of the monthly payments. https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021 [the_ad_placement id=”manual-placement”] You can also checkout the IRS form W4 online estimator. This is a great tool to help you keep track and calculate your tax withholdings. If you have questions on the W4 checkout my…
Compound Interest Explained
Compound interest is the magical phenomenon that grows your money exponentially. It can be more powerful than a passive income stream or even your paycheck. It’s probably the greatest path to wealth building that has ever existed. Let’s get you up to speed on compound interest so you can clear the way to becoming rich….
How to calculate and fix excess Roth IRA contributions
How to fix excess Roth IRA contributions with a step-by-step worksheet.
Solo Roth 401k Calculator Walkthrough
In this video I’m talking about the Solo Roth 401k deduction worksheet found in IRS publication 560. The calculation worksheet is for the contributions to the Solo Roth 401k and include pre-tax contributions based on your self employment income. The Solo Roth 401k calculation is the maximum pre-tax deduction with maximizing the direct contributions to…