Why Choose a Roth IRA?

Why Choose a Roth IRA?

If you’ve been in touch with any sort of financial advisor, personal accountant, or tax preparer over the last several years, you just might be tired of being asked: “Have you made the maximum contribution to your IRA this year?” We ask it a lot, but there’s a very good reason for this: retirement accounts can save you loads of money on taxes — as long as you follow the rules. Pulling money out of an IRA (Individual Retirement Account) early can incur a painful 10% penalty, so make sure you only contribute what you can afford. This article is…
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Is The “Backdoor Roth” Worth It?

Is The “Backdoor Roth” Worth It?

Is your income too high for a Roth IRA, but you want to enjoy the unique benefits of this special kind of retirement account? (Note: The income limit for a Roth IRA for the tax year 2021 is $208,000 for Married Filing Jointly or $140,000 for Single filers.) There is a way to get the benefits of a Roth IRA even if you are a high-income earner. It does involve some tricky administrative work, though, so it is important to do it right. https://youtu.be/v_XAjz31lJI How Does a Roth IRA Differ From a Traditional IRA? The most significant difference between a…
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Therapy Practice Basics: Retirement Plans for a Sole Practice

Therapy Practice Basics: Retirement Plans for a Sole Practice

“Gosh, I’m so glad I started saving up for retirement years ago!”~ Future You, many years from now Do you ever put on a clean pair of socks, or pull a clean bowl out of the cupboard for breakfast, and silently thank “past you” for setting yourself up for success? Now think about that tiny little mood boost and imagine multiplying it by 10,000. That’s what you just might feel like after retiring, knowing that your retirement savings are so strong that they might survive the complete annihilation of Social Security. (We all know that Social Security isn’t going to…
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