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Are you a nonworking spouse? You may still be able to contribute to an IRA
/in News, Tax Tips - Individual/by Betty KimMarried couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a […]
The first step of good tax planning is good recordkeeping [Source: IRS Newsletter]
/in News, Tax Tips - Individual/by Betty KimYear-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money […]
Don’t Miss Q2 Estimated Payment Deadline – June 15
/in News, Tax Tips - Individual/by Betty KimHope you all are excited about summer and how things are slowly getting back to normal, or maybe “new normal.” As we always want our clients to stay ahead with their taxes, this is an important reminder that the Q2 estimated payment due date is right around the corner (June 15th). As you know very […]