Tax law changes can hit fast, and the 2026 updates from the One Big Beautiful Bill Act are no exception. Employers face new W-2 codes, higher 1099 reporting thresholds, and expanded deductions that affect payroll systems, employee communications, and filing deadlines. These changes apply to forms filed in 2027 for the 2026 tax year, but […]
Opening a Roth IRA as a startup founder requires surprisingly few documents. A Roth IRA is always an individual retirement account. You open it in your personal name, not as a company benefit plan. The good news? You typically need just two personal identification documents to get started. The key challenge lies in proving you […]
Virginia’s 2026 budget negotiations have introduced a handful of tax policy changes that could affect how small business owners plan for the year ahead. The proposals include scaling back certain business interest deductions, phasing out a major data center tax exemption, and increasing standard deductions for individual filers. Some of these changes create new costs. […]
The Mega Backdoor Roth strategy can help high earners move meaningful dollars into tax-free retirement accounts. The process sounds complex, but the documentation requirements are surprisingly straightforward. Opening the accounts requires minimal paperwork. The real documentation work happens during the conversion step, when specific IRS forms and plan-specific requirements determine whether you execute the strategy […]
Retirement savers often ask if they can open and fund both a Roth IRA and a Traditional IRA in the same calendar year. The short answer is yes. The IRS allows you to contribute to both account types during the same year. This flexibility can help you diversify your tax treatment and tailor your retirement […]
Running a business with your spouse can create additional retirement planning opportunities. Many self-employed business owners wonder if their spouse can contribute to a Roth Solo 401k alongside them. The short answer is yes, but only if your spouse works in the business and meets specific requirements. If both spouses qualify, this setup may allow […]
Funding a Solo 401k sounds straightforward until you sit down to move money and realize there are two separate contribution buckets, multiple deadlines, and different tax treatments depending on how you structure each deposit. Most self-employed professionals know the plan exists and have heard the big numbers, but the mechanics of actually getting funds into […]
A Solo 401k offers self-employed business owners meaningful tax advantages and retirement savings options. One lesser-known benefit is the ability to borrow from your account balance. Not all Solo 401k plans permit participant loans — the feature depends entirely on whether your plan documents explicitly allow borrowing. This matters because accessing your retirement funds without […]
A non-working spouse can build meaningful retirement savings even without a paycheck. The IRS allows married couples to fund a Roth IRA for a spouse who earns little or no income, as long as the working spouse earns enough to cover both contributions and the couple files taxes jointly. This spousal Roth IRA strategy helps […]
