I had two jobs in the last 11 years: one full-time job at my employer and one part-time job in writing this blog, and more recently, helping people find Advice-Only financial advisors. As of yesterday I'm left with only one job. Although the [...]
ACA Self-Employed Health Insurance In H&R Block Software
Last time when I looked at how different tax software handled the circular calculation of the ACA tax credit and theself-employed health insurance tax deduction, H&R Block software failed at the task. See Tax Software Bake-Off: Self-Employed [...]
Tax Filing For Self-Employed Health Insurance Through ACA
This post is brought to you by TurboTax. While this post was sponsored by TurboTax, all content and opinions expressed here are strictly my own. When you are self-employed, unless you still get health insurance through an employer, government, or [...]
Executing Mega Backdoor Roth In Solo 401k
At the end of 2014, I amended and restated my solo 401k plan from a prototype plan sponsored by Fidelity to a prototype plan sponsored by Ascensus. I did that in order to enable non-Roth after-tax contributions for so-called mega backdoor Roth. See [...]
The Millionaire Next Door Misinterpreted
I read sad news a few months ago the co-author of The Millionaire Next Door book Thomas Stanley was killed by a drunk driver in a car accident. I checked out the book from the library for a refresher. After I read it this time, I see the book is [...]
Tax Software Bake-Off: Self-Employed Health Insurance and ACA Premium Tax Credit
Here's an update on how different tax software handle the issue of self-employed health insurance deduction and the premium tax credit under the Affordable Care Act. First a quick recap. If you are self-employed and you buy health insurance from [...]
Mega Backdoor Roth In Solo 401k: Control Your Own Destiny
Today we revisit the issue of doing the mega backdoor Roth in a solo 401k for those of you who are self-employed. For more background on solo 401k, please read Solo 401k When You Have Self-Employment Income. As I mentioned in the previous article [...]
Solo 401k When You Have Self-Employment Income
In order to pay minimal taxes when you do a backdoor Roth, you should have no balance in any other traditional, SEP or SIMPLE IRA. If you have a large balance in those accounts, you can rollover the money into an employer-sponsored plan such as a [...]
Circular Reference In Self-Employed Health Insurance Deduction Under Obamacare Premium Subsidy
When you are self-employed, your health insurance premium is tax deductible above the line. If you are getting a premium subsidy tax credit when you buy insurance from the exchange under Obamacare, you can't double-dip. You can only deduct the net, [...]
