What are taxes and how do they work? Taxes are the fees everyone in the world pays to their government in one way or another to pay for the goods and services provided by the government like law enforcement, health care, the military, and others. Taxes are normally collected in a few different ways that…
What does it mean to be self-employed and what does that mean for your tax deductions? Being self-employed means starting your own business, whether it is a sole-proprietorship (like this blog), or a big company with many employees. To start your own business, you have to apply for a business EIN from the IRS. You…
What are non-deductible IRAs? Traditional IRAs are individual retirement accounts offered by investment brokerages in the US. The money you invest in traditional IRAs is typically money that you contribute with after-tax money, and then if you have the option to deduct these contributions from your total taxes for the year if your itemized deductions…
