The Backdoor Roth IRA is one of the smartest ways for high earners to build tax-free retirement wealth. If you make too much to contribute directly to a Roth, there’s a simple workaround—and it could save you thousands in future taxes. 🔍 What Is a Roth IRA and How Does It Work? It’s a retirement […]
You may have seen headlines recently about something called the “One Big Beautiful Tax Bill.” (We had two emails on it last week.) This bill has been labeled as either a much-needed economic catalyst and a fiscal time bomb. But here’s the truth: the bill itself isn’t the real issue. The U.S. has been on […]
Here are ten questions that small business owners can ask themselves to help determine the type of accounting they need:
The type of accountant you need for your business depends on your specific needs and goals. Here are some factors to consider when deciding which type of accounting is right for your business:
In the United States, there are several types of accounting that are used by businesses and individuals. Some of the most common types of accounting include
When you own rental property, depreciation is your best friend.
One reason depreciation is so valuable is that, unlike deductible rental property expenses such as interest and maintenance, you get to claim depreciation year after year without having to pay anything beyond your original investment in the property.
As it does each year, the IRS recently released the inflation- adjusted 2022 optional standard mileage rates used to calculate the deductible costs of running a vehicle for business, charitable, medical or moving purposes.
IRS launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications. To provide this verification service, the IRS is using ID.me, a trusted technology provider.
If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are needed to release the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments.