Tax Guides

148 guides, built from the primary documents. Pick a topic to filter.

• All guides
• Trade contractors
• Job costing & pricing
• LLC & S-corp
• Self-employed & 1099
• Roth conversions
• Inherited IRAs
• Retirement
• IRS forms

• Inherited IRAsJun 21, 20269 min

  Inherited IRA 10-Year Rule: Do I Have to Take RMDs Every Year, or Just Empty It by Year 10?

  Your parent died, you inherited their traditional IRA, and now you’ve gotten three different answers to the same question. The brokerage rep said you have ten years and didn’t mention...

• Roth conversionsJun 17, 20266 min

  Building a Roth Conversion Ladder When You Already Have a Roth IRA (and What Happens to Your Growth)

  If you already have a Roth IRA with years of contributions and growth in it, the natural worry about starting a conversion ladder is that you’ll somehow contaminate the account...

• Roth conversionsJun 15, 20263 min

  Can You Reverse a Roth Conversion? How to Fix a Backdoor Roth Mistake

  A client emailed our office last week in a panic after executing a Backdoor Roth IRA on their own. They had contributed $6,500 to a non-deductible IRA and immediately converted...

• Roth conversionsJun 15, 20263 min

  Roth Conversion Before Moving States: Why the "Early Bird" Trap Costs Thousands

  Every tax season, I review the returns of high-earning professionals who are fiercely dedicated to optimizing every dollar, and the ones moving states almost always get the timing of a...

• Roth conversionsJun 15, 20264 min

  Why Your SEP IRA is Ruining Your Backdoor Roth (And Why You Need a Solo 401(k))

  You are an established solo business, and for years you've done exactly what you were supposed to do. You set up a SEP IRA because it was easy, and you...

• IRS forms, explainedJun 14, 20265 min

  HSA Forms Explained: How to Read IRS Forms 1099-SA and 5498-SA

  Form 1099-SA and Form 5498-SA are the two informational statements that track money moving through your Health Savings Account: Form 5498-SA reports what went in (contributions), and Form 1099-SA reports...

• IRS forms, explainedJun 14, 20264 min

  IRS Form 8889 Explained: How to Report HSA Contributions & Distributions

  IRS Form 8889 is the form you attach to your Form 1040 to report Health Savings Account (HSA) contributions and distributions. It does two jobs: it claims your above-the-line tax...

• IRS forms, explainedJun 14, 20264 min

  What is IRS Form 5498? The "May Panic" Form Explained

  IRS Form 5498 is an informational statement your IRA custodian sends each May, reporting how much money went into your IRA during the year — contributions, rollovers, conversions, and the...

• IRS forms, explainedJun 14, 20265 min

  Form 1099-R Box 7 Distribution Codes: What Each Code Means

  Box 7 of Form 1099-R is a one- or two-character code that tells the IRS how your retirement distribution should be taxed — and, most importantly, whether it triggers the...

• IRS forms, explainedJun 14, 20265 min

  What is IRS Form 8606? The Essential Form for Your First Backdoor Roth

  IRS Form 8606 is the form you file with your 1040 to track your nondeductible (after-tax) IRA contributions and report Roth conversions. It is the only thing that tells the...

• IRS forms, explainedJun 14, 20268 min

  IRS Form 5329 Explained: Penalties, Exceptions, and How to File

  If you have tapped into your retirement accounts early, put too much money in, or forgotten to take a required withdrawal, you will likely need to deal with IRS Form...

• Roth conversionsJun 14, 20268 min

  How Much Should I Convert to Roth Each Year Before RMDs Hit? A Gap-Years Game Plan

  You are 66. You stopped working last year, you have not turned on Social Security yet, and you are not old enough for required minimum distributions. For the first time...