Should You Stop Funding Your 529 College Savings Plan for Tax Savings?
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
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…
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…
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…
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 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…
Small Business Tax Extension IRS Form 7004
Track your USPS Certified Mail Receipt here https://tools.usps.com/
How to get a live agent on the phone at the IRS
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…