taz-the-bookkeeper

[taz-the-bookkeeper]

Happy Clients! Happy me! Client was good with responses too. Worth it!

[taz-the-bookkeeper]

Imagine #Form5498 as a report card for your IRA - it tells you everything that went on in your #retirement_account throughout the year. Your bank or brokerage firm (like the folks who manage your IRA) sends this form to you and the #IRS.

Here's the cool stuff the form tracks:

Money #coming_in: This includes your contributions and any rollovers you made from other retirement accounts.

Money #going_out: If you're over 72 (or 73 for those reaching 72 after 2022), you gotta take mandatory withdrawals from your IRA. This form shows how much you took out.

What kind of #IRA you have:

Traditional, Roth, SEP, or SIMPLE - it all gets listed.

#Account value (sometimes): Not always, but sometimes the form will also tell you the total value of your IRA.

While the form itself isn't exactly a prize, it helps you with a few things:

#Double_checking your tax return: When you claim deductions for IRA contributions, the info on the form helps you make sure the numbers match.

#Keeping_track of withdrawals: Remember those mandatory withdrawals? This form keeps track of those so you don't have to.

#Record_keeping made easy: This form is basically a snapshot of your IRA's activity for the year, all in one place.

#And_The_Best_Part? You don't have to file it with your taxes! Your IRA custodian sends it electronically to the IRS, and you get a copy for your records sometime between January and mid-June. So, it's like a report card you don't have to stress about.

[taz-the-bookkeeper]

Recertification done! Although I was late this year. 😁

Thanks #QuickBooks

The best part was that Quickbook Ledger. The layout seemed cool to me. Can't wait for my new small clients to sign up on them

[taz-the-bookkeeper]

Did you know that you can use a tax strategy to hire your children as your company employees, allowing you to transfer wealth while reducing taxes.

1. Children 8 years and older can work at your business.

2. Base your children's wages on a market standard.

3. Pay your children in exchange for legitimate services.

For payments made to children:

1. Under 18, exempt from Social Security and Medicare taxes.

2. Under 21, exempt from FUTA taxes.

Regardless of your child's age or the type of business entity, tax for your child's earnings is withheld.