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.
Retirement may be years away for some people. And, it may not be the most pressing issue on your mind these days. But we urge you, do not forget your retirement contributions, especially when there are … Read More
Tax season’s over? Wrong. Choices we make during the year can impact our taxes. Making investments, paying for college education, planning for retirement, and a myriad of other financially-based decisions can help or hurt us when … Read More