Should I buy a property now?
Should I buy a real estate property now? Many don’t see the current market with high interest rates and high prices appropriate time to buy. However, waiting for lower interest rate and lower prices may be wrong for you.
Backdoor Roth IRA: What is it?
Roth IRA income limits to contribute are $144,000 for single filers and $214,000 for married filing jointly filers for 2022. Backdoor Roth IRAs allow individuals with earnings above these thresholds to contribute to a Roth IRA. This article explains how a backdoor Roth IRA works, the possible tax effects, the five-year rule, and advice on determining whether a backdoor Roth is for you.
Child Tax Credit: Are you eligible?
You can claim the child tax credit if your children meet specific criteria. Depending on your income, you may be able to claim the maximum amount. Moreover, you might be eligible for additional credit if you cannot claim the maximum amount.
IRA Plans: Traditional IRA vs. Roth IRA
Traditional and Roth IRA plans are used to secure funds for retirement. They have similarities and differences, mainly in their contribution and distribution rules. Generally, the account best for you in retirement depends on your specific tax situation.
Rental Deductions: What are the Rules?
Generally, rental deductions have straightforward classifications and are deducted immediately. However, expenses for repairs and improvements are difficult to classify and have different deduction rules. As a result, the IRS has safe harbors that simplify the deduction rules in certain situations.
Rentals: Choosing a Business Structure
Traditional LLCs and series LLCs have advantages for rentals, but the right LLC depends on your risk tolerance. Also, an S Corp election provides the same protections as an LLC, but it may not be advantageous for a rental.
The Saver’s Credit: Are you eligible?
The saver’s credit is a tax credit for contributing to an IRA or employer-sponsored retirement plan. In addition, the credit is nonrefundable, meaning the credit can only reduce your taxes, not provide you with a refund.
Rental Losses: Can I Deduct them?
Deductions for rental losses can be against passive (earned with minimal effort) or ordinary (i.e., salaries and wages) income. The time you spend participating in the rental activity determines how you can deduct your rental losses.
When will I receive my refund?
The short answer to how long it takes the IRS to process your tax refund is “It depends.” Factors like the accuracy of your tax return and whether you electronically filed it affects the time the IRS needs to review the tax return and process your refund.
The tax due date is April 18. Maybe not!
The tax due date is April 18, 2023, for most US citizens and residents, but there are exceptions for taxpayers living outside the US and an option to request an extension for filing your individual 2022 tax return.