If you're making good money, you already know the IRS won't let you contribute directly to a Roth IRA once you hit certain income limits. But there is a way around it—and it’s called the Mega Backdoor Roth IRA. (There’s the backdoor Roth… and then there’s the backdoor, down the stairs, secret knock Roth.) The […]
Introduction to Backdoor Roth IRA for business owners If you’re a business owner or high-income earner, you’ve probably hit the wall with Roth IRA income limits. And that stings, because Roth IRAs are one of the most powerful tools for tax-free retirement growth. Good news: there’s a perfectly legal workaround called the Backdoor Roth IRA. […]
Bunching is a reliable tax strategy to remember as the end of the year draw near. If your itemized deductions usually are approximately equal to the standard deduction amount, you might be a great prospect for utilizing the bunching strategy.
Remember to consider your Section 199A deduction in your year-end tax preparation. If you don't, you might wind up with an undesirable $0 for your deduction quantity.