A Designated Roth Account is a special type of account that you can have in a 401(k) or 403(b) plan. Unlike traditional contributions, the contributions you make to a Designated Roth Account are not excluded from gross income and are taxed in the year they are made.
Designated Roth Account in 401(k) Read More »
Net Investment Income Tax is a tax of 3.8% on certain investment income for individuals, estates, and trusts with income above set thresholds, introduced by the Internal Revenue Code section 1411.
Basics of The Net Investment Income Tax Read More »
Choosing between SEP IRA, Solo 401(k), and SIMPLE IRA depends on several factors related to your business structure, income, and retirement savings goals. Here’s a comparison to help you decide.
SEP IRA vs Solo 401(K) vs SIMPLE IRA Comparisons Read More »
SEP IRA: Retirement savings plan that’s simple, flexible, and particularly beneficial for small businesses and self-employed individuals.
SEP IRA (Simplified Employee Pension): A Comprehensive Guide for 2024 Read More »
An IRA Annuity is a blend of two financial tools designed for retirement planning: an IRA (Individual Retirement Account) and an Annuity.
A Closer Look at IRA Annuity Insurance Read More »
As parents and grandparents, we all want the best for our children and grandchildren. One of the greatest gifts we can give them is a solid education. But with the rising costs of college tuition, saving for education can seem daunting. That’s where the 529 Plan comes in.
529 Plan: Best Investing for Your Child’s Future Read More »
Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas. Let’s see how it works.
May 15th? Time to Report Texas Franchise Tax Read More »
When you sell your primary residence, you may be subject to capital gains tax. However, IRS provides certain exclusions that can help you reduce or even eliminate this tax.
Capital Gains Tax on the Sale of Your Primary Residence Read More »
While some states levy a hefty income tax, others offer a tax-free haven to their residents. This article will explore the nine states that do not impose an income tax.
Tax-Free Paradises: No Income Tax States in the USA Read More »
Innocent spouse relief can help you not have to pay extra taxes if your spouse didn’t pay enough taxes on your joint tax return and you didn’t know about the mistakes.
Innocent Spouse Relief: A Lifeline in Tax Troubles Read More »