by chadparker | Feb 13, 2023 | Blog, FAQ's
With the large federal standard deduction most people are no longer itemizing their tax deductions. Itemized deductions include, among a few other things, state taxes paid, mortgage interest, and charitable contributions. In certain situations it can make sense...
by chadparker | Nov 8, 2022 | Blog, FAQ's
Classifying a worker as a W-2 Employee vs. a 1099 Contractor has significant tax and other consequences on both the worker and the business/organization. However, the consequences should not drive the classification determination. Instead the classification should be...
by chadparker | Oct 12, 2022 | Blog, FAQ's
When it comes to earning income from a side gig of any sort you are in one of two worlds: Business Income or Hobby Income. There are advantages and disadvantages to each classification. If you are in the business of fill-in-the-blank, you are able to deduct all...
by chadparker | Jun 3, 2022 | Blog, FAQ's
What is a Backdoor Roth and should I walk through it? If your income is too high to contribute directly to a Roth IRA, you may be a good candidate for using the Backdoor Roth strategy. There are some trap doors though! To learn more, start by reading this...
by chadparker | May 11, 2022 | Blog, FAQ's
If you can faithfully do these four things over a long period of time, you will have done your part to put yourself in a good financial position: Take on no personal debt (other than a reasonable home mortgage). This includes paying cash for vehicles and paying...
by chadparker | Mar 10, 2022 | Blog, FAQ's
Traditional: Tax deduction today, investment grows tax-deferred, distributions at retirement come out as taxable income. Roth: No tax deduction today, investment grows tax-free, distributions at retirement come out completely tax-free. General Rule: The younger you...
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