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.

The Incredible Penny

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!

562% gained using investing basics

By Travis Sickle, CFP®, EA® // Jan 24, 2022

Here is the matrix book up to 2021. Matrix-Book-2021

How to send the Advance Child Tax Credit payment back to the IRS

By Travis Sickle, CFP®, EA® // Oct 12, 2021

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)?

By Travis Sickle, CFP®, EA® // Oct 4, 2021

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

By Travis Sickle, CFP®, EA® // Sep 5, 2021

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

By Travis Sickle, CFP®, EA® // Aug 20, 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…

Roth IRA Explained in 60 seconds

The Roth IRA Explained in 60 seconds

By Travis Sickle, CFP®, EA® // Aug 11, 2021

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

By Travis Sickle, CFP®, EA® // Aug 3, 2021

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

By Travis Sickle, CFP®, EA® // Jul 30, 2021

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

By Travis Sickle, CFP®, EA® // Jul 5, 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

By Travis Sickle, CFP®, EA® // Jun 25, 2021

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 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 YouTube channel…

Compound Interest Explained

By Travis Sickle, CFP®, EA® // Apr 26, 2021

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

By Travis Sickle, CFP®, EA® // Apr 14, 2021

How to fix excess Roth IRA contributions with a step-by-step worksheet.

solo roth 401k worksheet

Solo Roth 401k Calculator Walkthrough

By Travis Sickle, CFP®, EA® // Apr 14, 2021

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…

Health Insurance Tax Credit Explained

By Travis Sickle, CFP®, EA® // Apr 11, 2021

 

Small Business Tax Extension IRS Form 7004

By Travis Sickle, CFP®, EA® // Mar 15, 2021

Track your USPS Certified Mail Receipt here https://tools.usps.com/