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…]
Tag: ROTH IRA
Tips to Help You Save for Retirement
Although retirement may be years away, the steps you take today to plan and save for it can make a big difference in your financial security decades from now. Here are 10 general tips that you may find helpful when saving for retirement. For specific advice about planning and saving for retirement, please consult your… [keep reading…]
Tax Planning for Individuals
With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for individuals: Income/Deduction Deferral or Acceleration Consider the following to accelerate income into the current year:… [keep reading…]