Many people like the idea of owning rental properties because it seems like a passive and simple way to earn extra income. Sometimes owning rental properties can be just that, but sometimes it isn’t so passive…or simple! The checklist below will help you better understand some the challenges and … [Read more...]
Owning Rental Property
Backdoor Roth Contribution
Contributing to a Roth IRA can be an important component of your retirement savings plan. However, you may be unable to make a regular contribution to a Roth IRA if your income is too high. Thankfully there is a way around the Roth IRA’s income limit with a strategy known as a backdoor Roth … [Read more...]
Estimated Tax Payments
Income tax planning is critical to your financial success, but navigating our complicated federal “pay-as-you-go” income tax system can be difficult. Adding further complexity, you must understand and adapt to frequent changes in tax laws and in your personal circumstances. Each tax year, it is … [Read more...]
Documents for 2023 Tax Returns
Filing your taxes is never fun. Whether you are working with a tax professional or preparing your tax returns on your own, getting your tax documents pulled together can be stressful. This checklist covers the key issues to consider when preparing to file your tax return, such as: Documents … [Read more...]
Tax Filing Season Has Started
The IRS announced that the starting date for when it would accept and process 2022 tax-year returns was Monday, January 23, 2023. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Make sure you have received Form W-2 and other earnings … [Read more...]