If you have kids and saving for their college is on your mind, I am sure you have heard of a 529 College Savings Plan. A 529 plan (named from the Internal Revenue Code Section 529) can be a great tool to help you save for those college years. Do you know there are 2 types of 529 plans? The 2 different types are a Pre-paid plan and a Savings Plan.
You’ve built your business up and now you are at the point of having excess income and you think you should start saving some for retirement.
Whether you are preparing your income taxes yourself or you have hired someone to do them for you, you will most likely be seeing the question asking if you contributed to an IRA or ROTH IRA for the previous tax year. By the way, you have until April 15th to make that contribution for the […]
I get this question a lot: “Can’t I just deduct that expense on my taxes?” My answer to this question, 9 times out of 10, is that it depends. Let us look at some basic concepts on your personal income taxes and your self-employed income below. Standard vs. Itemized Deductions You have your standard deduction […]
It’s that time of year again and you are probably getting lots of emails or mail with different tax forms. What are the different tax forms you need and what exactly are they? Below is a list of common forms that you will need to include for your taxes: