Timothy Sumer

Are you torn between filing jointly with your spouse or separately? This video should help you make that decision. If you find that your refund is being taken by the IRS because your spouse has back debts, this video also tells you how can get the refund that is coming to you as an "injured spouse." Here is a rundown of all the filing statuses: Resources: IRS Publication 17: "Your Federal Income Tax" IRS Form 8379: "Injured Spouse Allocation" IRS Publication 555: "Community Property": "Which States Recognize Common Law Marriage?" nolo.com The Tax Geek on Twitter: @taxgeekusa The Tax Geek on Reddit: www.reddit.com/r/askatasgeek Intro and background music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice for any specific situation. It you have questions about your specific situation,

Retirement Plans for Small Businesses Most people have heard of the 401k and all of its benefits. However, many people are unaware of a few alternatives that have very impressive benefits as well. Introducing SEP and SIMPLE IRAs! Alternative retirement plans for small businesses could be the key for future growth. SEP IRAs are extremely low maintenance retirement plans for small business owners, and they allow the ability to contribute substantially more than 401ks. SIMPLE IRAs, like the SEP IRA, are also not very complicated to administer and much cheaper to implement than other retirement plans. Eddy and Brian go more in depth about the similarities and differences between these two plans in the video below. If you have any questions or want to know if these plans would be a good fit for your situation just schedule a 15-minute learning session with me using the link below. #Retirement #401k #IRA... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING I

2022 UPDATE: Traditional IRA Deductibility AGI Phaseouts: Taxpayer covered by an employer plan: S/HOH: $68,000 - $78,000. MFJ/QSS: $109,000 - $129,000 Taxpayer not covered by employer plan, but spouse is: MFJ: $209,000 - $224,000 Roth IRA Contribution AGI Phaseouts : S/HOH: $129,000 - $144,000. MFJ/QSS: $204,000 - $214,000 This video defines what an IRA (Individual Retirement Arrangement) is and goes over the rules for contributing to them. To learn more about the different between traditional and Roth retirement accounts, click here: If you're wondering how Adjusted Gross Income is calculated, click here: Additional resources: IRS Publication 17: "Your Federal Income Tax": IRS Publication 590-A: "Contributions to Individual Retirement Arrangements (IRAs)": IRS Schedule 1: "Additional Income and Adjustments to Income": IRS Form 8606: "Nondeductible IRAs": The Tax Geek on Twitter: @taxgeekusa The Tax Gee