- Video tip: How Long Should You Keep Old Tax Records?
- Do you wonder how long you should keep your tax records? Watch this video to learn more.
- Back-Door Roth IRAs
- Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation of account earnings and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible, earnings are tax-deferred, and distributions are generally taxable. Anyone who has compensation can make a contribution to a traditional IRA (although the deduction may be limited). However, not everyone is allowed to make a Roth IRA contribution.
- Day Care Providers Enjoy Special Tax Benefits
- A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and the cost of providing meals and snacks to children in their care. The following is a rundown on deductible business expenses for home day care providers.
- Video tip: Unemployment Refunds Are Being Sent Out
- For those who missed the $10,200 unemployment tax exclusion in their 2020 return, the IRS has started sending out refunds. Watch this video for details.
- Sole Proprietorships - Don't Overlook the Liability Issues
- If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual’s personal tax return (Form 1040) using a Schedule C. There is no need to file a separate tax return as is required by a partnership or corporation. Generally, there are very few bureaucratic hoops to jump through to get started as a sole proprietorship.
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