The Beginner’s Guide to Self Employed Tax

Of course you can read about all this information regarding small business and taxes from the IRS.  You just need to drink a gallon of coffee before you start.  I’ll try and simplify things and explain them in a way that is easy to understand. This will be my seventh year to file as a self-employed individual.  To be perfectly honest, self employment tax information is never fun, but when you … [Read more...]

Roth IRA and Traditional IRA Tax Implications in Plain English

When deciding between a Roth IRA and a Traditional IRA and the tax implications, you just need to remember one little fact.  You will pay taxes on that money.  The only questions are: when and how. There are other differences, like the IRA withdrawal rules, contribution limits, and income limits, but that is another post for another time.  In this article, we are going to focus on clearly … [Read more...]

Important Mutual Fund Tax and Capital Gains Facts Every Investor Must Know

“If I exchange mutual funds do i still have to pay taxes?” Understanding the tax implications of your investments will help you appropriately structure your personal investing strategy in order to maximize your returns. This post focuses on non-tax sheltered investments so it includes any regular (non categorized) investments. What Are Capital Gains? A capital gain is money you make from the … [Read more...]