Individual Taxes
Helpful resources for planning and filing individual taxes
what is affecting your individual taxes?
This section contains articles on topics ranging from retirement plans to deductions for your rentals. You can also learn about tax law changes to know what your individual tax situation will look like in a particular year.
Latest articles about tax law changes, deductions, and credits affecting your individual taxes
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…
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…
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…
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…
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…
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…
