2022 Roth IRA Contribution & Income Limits

By Travis Sickle, CFP®, EA® | May 4, 2022

Roth IRA + Traditional IRA Contribution Limits 2022 IRA + Catchup Contribution20212022 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 Status2021 Roth IRA Income Range2022 Roth IRA Income Range Single$125,000-$140,000$129,000-$144,000Married Filing Jointly$196,000-$208,000$204,000-$214,000Married Filing Separately$0-$10,000$0-$10,000 Traditional IRA Income Limits Filing & Workplace Status2021 IRA Income Limit2022 IRA Income Limit Single,…

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…

How to hire your child [Tax Deduction]

By Travis Sickle, CFP®, EA® | August 11, 2020

IRS Family Help page   The SBA website, “5 reasons to hire your child.”   FLSA Child labor Rules   Rules for working under 14   Child labor exemptions from The US Department of Labor   How and where to apply for your businesses EIN on the IRS website.   The 17 Hazardous Occupations by…