Should You Stop Funding Your 529 College Savings Plan for Tax Savings?

By Travis Sickle, CFP®, EA® | March 31, 2023

You are about to read a strategy that may reduce your adjusted gross income and save you thousands in taxes. I strongly urge you to read the entire blog and think long and hard about how you can work it into your 529 plan savings strategy. I’m a big believer that when there is a…

Roth IRA Contribution & Income Limits 2022

By Travis Sickle, CFP®, EA® | May 4, 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

By Travis Sickle, CFP®, EA® | May 3, 2022

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…

capital gains tax explained

Capital gains taxes explained

By Travis Sickle, CFP®, EA® | April 6, 2022

Should I own an S-Corp to save taxes?

By Travis Sickle, CFP®, EA® | March 13, 2022

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…

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

By Travis Sickle, CFP®, EA® | October 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…

Advance Child Tax Credit Full Walk through

By Travis Sickle, CFP®, EA® | June 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…

Health Insurance Tax Credit Explained

By Travis Sickle, CFP®, EA® | April 11, 2021

 

Small Business Tax Extension IRS Form 7004

By Travis Sickle, CFP®, EA® | March 15, 2021

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

How to get a live agent on the phone at the IRS

By Travis Sickle, CFP®, EA® | February 9, 2021

If you’re having trouble getting a live agent on the phone at the IRS you are not alone.  It’s extremely frustrating when you have tax questions and need to speak to someone at the IRS.  Here is exactly how to get a live agent on the phone at the IRS. The phone number for the…