Back Door Roth IRA Contributions Make Limitations Pointless

Back Door Roth IRA Contributions Make Limitations Pointless
My last post discussed all the legal jargon that our wonderful Congressional leaders stuck into the tax code to make calculating how much you can actually contribute to a Roth IRA as difficult as possible. To summarize, if you’re making somewhere between $110k and $200k a year, you may not be able to contribute directly to ...

Roth IRA Contribution Limits Designed to Screw With You

Roth IRA Contribution Limits Designed to Screw With You
Hey everyone, I’m still alive. Okay, with that brief acknowledgement out of the way, let’s move onto something serious: Roth IRA Contribution Limits. I know this is serious because I heard some guy complaining about it the other day while eating at the delicious SNOWLAB, which can only be eaten while talking about serious topics ...

Does Mark Zuckerberg Not Recognize A Tax Benefit From His Initiative?

Does Mark Zuckerberg Not Recognize A Tax Benefit From His Initiative?
With Mark Zuckerberg following Bill Gates’ lead by donating mountains of cash to humanitarian efforts, we’re entering a new era of The Gospel of Wealth, though with slightly less condescension than found in Andrew Carnegie’s famous essay. Good for them. If you want to use your money to help your fellow beings, more power to you. ...

The Top Tax Rate is Higher Than You Think

The Top Tax Rate is Higher Than You Think
I heard a story. The person was trying to figure out a tax question for a friend of a friend, so I don’t know any actual details, and, like a good game of Telephone, what I did hear was probably altered beyond recognition (oh, you sell plants and seeds, not sex and weed!). Even though ...

Uber, Independent Contractors, and Hillary Clinton

Uber, Independent Contractors, and Hillary Clinton
For those regular readers out there, I apologize for the long gap between posts. I had some personal matters to attend to, and have had a hard time getting back into the groove. But what better way to kick start the new stream of tax euphoria than to talk about independent contractors, a classification that ...

Best Receipt Scanner For Tax Expenses (Android)

Best Receipt Scanner For Tax Expenses (Android)
If you want a tax deduction, you better be ready to offer proof. People get screwed in tax courts around the country when they can’t substantiate a purchase years after your tax return has been filed. The best way to prove to the IRS that you actually make a purchase is to keep that receipt, but nobody ...

Tax Consequences of a Vacation Home Rental

Tax Consequences of a Vacation Home Rental
Last week we discussed rental properties. Today, we’re talking poo. No, wait, that was the conversation the doctor had with my five year old this morning. Not pleasant, and made me never want to eat mashed potatoes again. On the site, we’re discussing something that’s (hopefully) ess smelly: the tax consequences of Vacation Home Rentals. Handling Those ...