To contribute to an IRA, you must have taxable compensation. This includes income from wages, salaries, tips, commissions, and bonuses. It also includes net income from self-employment. For couples where one spouse doesn’t work, the Spousal IRA provision allows the working spouse to contribute to a Traditional or Roth IRA on behalf of the non-working spouse. The non-working spouse… [keep reading…]
Category: Tax Tip Tuesday
Tax Tip Tuesday – Maximize Your QBI Deduction This Tax Season
The qualified business income (QBI) deduction can be taken by individuals who own sole proprietorships, partnerships, S corporations, and certain trusts and estates. It is limited to twenty percent of a taxpayer’s qualified business income, as well as twenty percent of REIT (Real Estate Investment Trust) dividends, and PTP (Publicly Traded Partnership) income. The deduction… [keep reading…]