Unlock tax savings with a backdoor Roth IRA
Don't give up quickly if your path to contributing to a Roth IRA is blocked by tax law limits. Despite the obstacles, upper-income taxpayers may be able to take advantage of a backdoor Roth IRA.
IRA contribution basics
Unlike a traditional IRA where contributions may be wholly or partially tax-deductible, contributions to a Roth can never be deducted, but future distributions are generally exempt from tax. In contrast, traditional IRA distributions may be taxable in full.
The contribution limit for any combination of traditional and Roth IRAs for the 2018 tax year is $5,500 (increased to $6,000 for 2019). Plus, you can add on $1,000 if you're 50 or older.
But there are no income limits on taxpayers who contribute to traditional IRAs. With a Roth, the ability to contribute is phased out, based on your modified adjusted gross income (MAGI).
For the 2018 tax year, the phaseout for single filers occurs between $120,000 and $135,000 of MAGI ($122,000 to $137,000 for 2019).
For the 2018 tax year, the phaseout for joint filers occurs between $189,000 and $199,000 of MAGI ($193,000 to $203,000 for 2019).
3 business website features you can't live without
Your website is a great opportunity to bring new customers to your business. It's also a great way to surprise and delight existing customers, encouraging them to return again and again.
As you're creating a business website, here are three things to keep in mind - three critical features your business website must have:
Clear business information
Putting clear information on your website sounds simple, but many businesses take a wrong turn. They get caught up in mission statements, stock imagery and aspirational copy, and they lose track of what their customers actually care about.
The truth is even the most beautiful website in the world will not generate return on investment for your business if customers can't find the information they need.
To get started, imagine yourself in your customers' shoes. What information should they know so they can interact with your business?
You'll probably list things like:
Creating financial goals as a couple
Financial goals make it possible for you and your partner to achieve the things you dream about. Here are three things you can do to create - and achieve - financial goals as a couple:
Start talking sooner rather than later.
Finances can be hard to talk about. People sometimes feel guilty about debt or ashamed that they don't make more money than they do. More than that, many people consider money to be a private thing that shouldn't be discussed with others.
However, the first step to setting financial goals as a couple is to start talking. And the sooner you start talking with your partner, the better prepared you'll be to make positive financial decisions. Saving for big purchase, for example, takes time and planning. Having a discussion early gives you more time to start saving.
Are you being audited by the IRS? Would you like to get a jumpstart on individual tax preparation? If you've been looking for tax services or accounting services, hire Morley Consulting, LLC. Our tax consultants have the skills and knowledge needed to ensure that your individual or corporate documents are correct.
If you've been searching for complete tax services or accounting services, look no further than Morley Consulting. Call our Morton, PA location at 610-544-1094, our Denver, CO location at 303-835-4757 or our Loveland, CO location at 970-663-3564 right away for a consultation.
Don't spend hours going through your corporate books or compiling your individual tax documents. Turn to Morley Consulting for:
857 Kedron Avenue
Morton, PA 19070
Phone: (610) 544-1094
7900 East Union Avenue, Suite 1100
Denver, CO 80237
Phone: (303) 835-4757
4194 North Garfield Avenue
Loveland, CO 80538
Phone: (970) 663-3564