Fear not if you’ve found yourself hitting the income limits for direct Roth IRA contributions. The Backdoor Roth IRA might be your ticket to tax-advantaged growth. In this step-by-step guide, we’ll walk you through the process, from laying the groundwork with a traditional IRA to navigating the conversion to a Roth. Plus, we’ll highlight key…
What about a Backdoor Roth?? First, let’s clear up the misconception about a ROTH IRA. You can make a ROTH IRA contribution even if you make too much money! HOW? Many people make too much money to contribute to Roth IRAs, but here’s a way to sneak in the back door anyway. How about a Backdoor…
Are you a first-time investor and/or a new business owner? Have you circled March 15, 2024, on your calendar? That’s the deadline for filing your business tax return if you’re running an S Corporation or Partnership. You might be used to the April 15th deadline for personal taxes, but this one’s different, and it’s crucial…
Have you ever felt like your financial worries don’t match your bank statement? You’re not alone. It’s called “money dysmorphia,” and it’s more common than you think, especially among millennials and Gen Z. But here’s the deal: there’s a way out, starting with looking at your money in a new light. Step 1: Get Real…
Are you carrying debts that feel like a heavy backpack you can’t take off? Let’s talk about a cool trick called the Snowball Method. It’s super simple and works, especially if you’re in your 20s or 30s and trying to get your money right. Think of your debt like snowballs. Some are big; some are…
First, let’s clear up the misconception about a ROTH 401(k) Contribution. NO MATTER HOW MUCH MONEY YOU MAKE, YOU CAN CONTRIBUTE TO A ROTH 401(k) in your employer-sponsored plan (assuming they offer the choice). I get asked repeatedly why I would want to pay taxes on my 401(K) or other employer-sponsored retirement contributions now. The…