IRA

spousal IRA Worth Tax

Don’t Miss the Opportunity for a Spousal IRA

One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation.

losing your job

5 Things You Need to Know About Losing Your Job

Know About Losing Your Job If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues related to job loss can profoundly impact your taxes … Read More