Backdoor Roth IRAs are a frequently-discussed topic on physician blogs and social media sites. But most conversations assume you understand basic investing concepts that many novice investors don’t. I’ve written this post as a reference guide for anyone who needs help with the mechanics on how to set up a backdoor Roth IRA. Continue reading
Small practices often have a lot of trouble competing for employees with large corporate entities, often because employee benefits are so expensive. Group health insurance can be especially expensive if you have even one employee in bad health or over a certain age in an otherwise young and healthy group of employees. Then, you have the problem that some employees are covered by their spouse’s plan and don’t even get to participate in that particular benefit. Sure, you can offer them a higher wage to make up for it, but then if another employee with more experience finds out, you’re likely to have a problem. So, what can you do? Continue reading
I can’t count how many discussions I’ve been involved in when clients/prospects/WCI forum readers have brought up the need to set up an LLC for their side hustle. Tax advisors seem to thrive on recommending clients use an LLC whenever a professional has a smidgeon of side income, but that may not be the correct choice. Continue reading
We searched our Vlog archives to unearth some hidden treasures. In this oldie but goodie, Johanna shares her personal success story on raising her sons to be financially independent.
Johanna refers to another old post Money Mistakes I’ve Made in this video where she bares her soul to demonstrate that even financial planners can have a “history”.
If you’re interested in scheduling a free initial consult with us, click here (do not use the link listed in the video).
With the costs of college and other post-secondary education continually rising, clients often ask about effective methods of planning for their children’s future education costs.
Though there are several methods of planning for future education costs, one popular technique is to use a 529 plan. Continue reading
Have you been told that you can’t do a backdoor Roth IRA? It may not be as elusive as you originally thought. Check out Michelle’s vlog to see if these options fit you.
Also, read Johanna’s companion post How to Set-up a Backdoor Roth
TCJA (Tax Cuts and Jobs Act) 2017 took away employee business expenses, along with much of our ability to itemize. In particular, we can now deduct mortgage interest on only $750k of debt and are limited to a deduction of $10k/yr. for SALT deductions. On a positive note, the Pease Limitation – which reduced itemized deductions for high earners, is gone along with AMT for most high-income taxpayers. Continue reading
[This post is part of a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. For an explanation of the basics of this deduction, please review this post.]
Today’s case study is going to look at when the 199(A) deduction may be limited by overall taxable income. Continue reading