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College Savings Account: Coverdell IRA vs. 529 & the Self-Directed Coverdell IRA Option
Kids are going back to school after the break and it’s a great time to think about college and to make financial plans for your children or grandchildren’s education. As you consider the different plan options, you’ll want to make sure you know the two most common...

Can I Use a SEP IRA If I Have Employees?
A SEP IRA is a powerful retirement account used by many self-employed persons and business owners. It is particularly attractive as you can contribute up to $58,000 to it annually. That’s in comparison to a Traditional IRA, where you can only contribute up to $6,000 a...

Three Unique Benefits of Health Savings Accounts You Never Knew
HSAs (“Health Savings Accounts”) are growing in popularity as Americans are discovering significant tax savings with these accounts. Why are they popular? There are many reasons why; some well known and others not so well known. Let’s start with the primary benefits...

Using the IRA/LLC option to own Bitcoin and other Cryptocurrency
As the price of Bitcoin (BTC) has surpassed $50,000, we have seen increased interest in using IRA and other retirement plan funds to own Bitcoin and other cryptocurrencies. But can your IRA, Roth IRA, solo(k), or other retirement account own Cryptocurrency? Yes, your...

Can My IRA/LLC Have a Brokerage Trading Account?
Many self-directed IRA investors use an IRA/LLC to make and hold their self-directed IRA investments. In essence, an IRA/LLC (aka “checkbook-controlled IRA”) is an LLC owned 100% by an IRA. For a summary and description of an IRA/LLC, please refer to my video here....

Roth Conversions: When Should You Convert Your IRA or 401(k) to Roth?
Roth conversions remain popular as many fear that tax rates will only increase in the next few years, so why not convert now at lower tax rates and let the account grow and come out tax-free at retirement. Remember, if you have a traditional IRA or 401(k), then that...

Solo K Form 5500 Tax Filing and Five-Point Compliance Checklist
Solo 401(k)s have become a popular retirement plan option for self-employed persons. Unfortunately, many plans are not properly maintained and are at the risk of significant penalty and/or plan termination. If you have a Solo 401(k), you need to ensure that the 401(k)...

Tax Planning for Bitcoin and Other Cryptocurrency Profits
Bitcoin, Ethereum, Litecoin, and other cryptocurrencies have seen dramatic price increases this year. Have you thought about cashing in? Are you wondering how will you be taxed? Cryptocurrency is a Capital Asset The IRS has clearly stated that cryptocurrency (aka...

Back Door Roth IRA Rules and Steps
Roth IRAs can be established and funded for high-income earners by using what is known as the “back door” Roth IRA contribution method. Many high-income earners believe that they can’t contribute to a Roth IRA because they make too much money and/or because they...

What Not To Do With Your IRA/LLC or Checkbook Control IRA: Niemann v. Commissioner
The case of Niemann v. Commissioner involves a successful real estate investor who unknowingly used his self-directed IRA owned LLC (aka, checkbook control IRA) in a way that caused a prohibited transaction under IRC § 4975. While the Tax Court’s holding and decision...
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