SEP IRA vs Solo 401(k): Which Should You Choose?

How do you multiply your net worth? Let the government help. Here’s how: with both the SEP IRA and the solo 401(k) retirement plans, your investment in your tax-favored retirement creates tax deductions for the money you invest in the plan, grows tax-deferred inside the plan, and suffers taxes only when you take the money… Read More

Tax Considerations When a Loved One Passes Away (Part 2)

If you become an executor of your loved one’s estate, you may have some important tax decisions to make. Here are some quick thoughts. The decedent’s medical expenses provide you with planning opportunities to deduct as itemized deductions (subject to the 7.5 percent floor) not only the medical expenses incurred during the taxable year of… Read More

New Stimulus Law Grants Eight Tax Breaks For 1040 Filers

As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other aid targeted to struggling businesses. But Form 1040 American taxpayers who are… Read More