3 results for tag: Self-Employed
Spousal IRAs: What You Need to Know
Last week we presented a "Quick and Dirty Guide to Tax Issues and Savings" if you decided to join the ranks of the Self-Employed or maybe you're still considering whether to join the Great Resignation, maybe temporarily or maybe for good.
Or your non-working status might have nothing to do with the Great Resignation. For instance, you could be a stay-at-home parent.
In any case, as a spouse with no tax-defined earned income, you might want to continue saving for retirement in a tax-favored fashion by making contributions to a traditional or Roth IRA.
An IRA set up to receive contributions by a non-working spouse is known as a spousal IRA. ...
Health Savings Accounts: The Ultimate Retirement Account
Like many of us, I'm guessing that you're looking to save for retirement and/or make the best use of your available resources toward retirement?
Surprisingly, the first account you should open and fund is not your IRA (regular or Roth) or 401(k) but your Health Savings Account (HSA)
If you qualify, yes, your first retirement account should be a Health Savings Account (HSA). Don’t let the name fool you. The HSA may be your ultimate retirement account.
Not looking to save for retirement? ... You should still open an HSA, as I will explain.
Big Deal
The HSA is the only tax-advantaged account that gives you both:
A tax deduction ...
14 Tax Reduction Strategies for the Self-Employed
It's a brand new 2022, 2021 has ended, and either you already have your 2021 taxes squared away or you're filing an extension so that you can figure out how to optimize your tax avoidance strategies for the new business you started during the COVID-19 Pandemic in 2021.
Let's get your mindset and strategic thinking for 2022 heading in the correct direction with the following 14 Tax Reduction Strategies for the Self-Employed.
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
In this article, you will find some related articles that I've previously written with the nuts ...