Being self-employed is quite possibly one of the best tax strategies available today. Unlike being an employee, self-employed taxpayers are in full control of their financial and tax situation. But independence also comes at a cost. Independent contractors face higher taxes and more record keeping duties than employees. The IRS is undeniably suspicious of self-employed persons. The IRS routinely audits self-employed / independent contractors, often looking for unreported income or overstated … [Read more...]
Traditional vs Roth IRA – Your Retirement Fund
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The difference between a traditional IRA and a Roth IRA comes done to one word – tax-deferred vs. tax-exempt. Both will allow you to accumulate wealth without paying taxes, but with the traditional IRA you will get a tax bill for the profits and contributions when deductions are made. The Roth IRA, on the other hand, doesn’t do that. As long as you follow the rules, you never pay taxes on the gains. However, you don’t get a break on your yearly income tax. For this reason, many … [Read more...]