Juliana* owns and operates a small design firm with five employees. She owns two rental properties as well as a pretty large investment portfolio consisting of stocks, bonds, mutual funds, and cryptocurrencies. This past year she sold her primary residence after divorcing her spouse. They paid 500k for the house many years ago and sold it for $1.3 million. She is considering adopting a child this year as well.
So you want to become a landlord? Congratulations. You’ve just signed up for a second job.
You've probably seen the billboards lining I-90 with schools promising reduced tuition for out-of-state students. The real question: how do these programs work, and what do students need to do to qualify?
Roth conversion is simply the act of converting a traditional IRA account (Or pre tax workplace retirement plan) into a Roth IRA account. As mentioned above, a traditional IRA account is usually funded using pre-tax dollars, meaning the distributions you take from a traditional IRA account in retirement are taxed as ordinary income. A Roth IRA is created using after-tax dollars, meaning the distributions you take from a Roth IRA account in retirement are tax-free (because tax has already been paid).
Did you know that if you are divorced, your ex-spouse might be eligible to receive one-half (50%) of your retirement benefit? And if you should die before your ex-spouse, your ex can receive your full retirement benefit? Read more here to learn the rules about divorced spousal Social Security benefits for your ex-spouse.
Whether you’ve been running your own business for a few years or just starting up a new one this year, you’re going to have some additional responsibilities beyond setting up a flashy website. Having started several businesses over the past 25 years, I’ve learned a thing or two about starting up a successful business.