Dear IRS, I am writing to you to cancel my subscription. Please remove my name from your mailing list. – Snoopy One tax strategy high income W2 employees who do not qualify as real estate professionals can implement is utilizing depreciation on short term rental properties to create losses that can be offset against their […]
Do You Materially Participate In Your Short-Term Rental? Read More »
What is a Roth IRA? There are two ways that you can contribute to an IRA: post-tax and pre-tax. A Roth IRA allows you to pay taxes on your money now, invest that money, and never have to pay taxes on any of the gains from that investment. Therefore, your contributions are post-tax. Traditional IRAs
Navigating the Pro Rata Rule when Using a Backdoor Roth IRA Read More »
In the United States income taxes are to be paid on a regular basis throughout the year. As a self-employed individual you don’t have the luxury of your employer automatically deducting and remitting income taxes from your pay to the government. Instead, you must manage that process on your own. Below is a quick guide on how to do so.
*Note – special rules may apply if you are a farmer or fisherman.
Quick Guide on Paying Estimated Income Tax Read More »
