Author: roj

The US tax system requires you to pay taxes-as-you-go or as income is earned – either through withholding, estimated quarterly payments, or a combination of both. If you fail to pay the correct amount of taxes throughout the year, the Internal Revenue Service (IRS) may send you a penalty notice for tax underpayment.  What is… Continue reading Underpayment of Estimated Tax Penalty: What You Need to Know and How to Avoid It

Most of us think that our homes and cars are our most valuable assets, which is why we get insurance for these. However, our most important asset is not among these material things but in our ability to earn income for our living.  Imagine this: you are at the height of your career, pursuing your… Continue reading Disability Insurance: Safeguard Your Future

Most individuals believe that estate planning is just for the wealthy or elderly. However, regardless of your wealth or age, estate planning is an important part of financial management to protect your loved ones, safeguard your hard-earned assets, and secure your future. Whether you are in the process of building your career or starting a… Continue reading Estate Planning 101: A Beginner’s Guide

Uncertainties and economic challenges brought by the pandemic have increased the demand for independent contractors and have enhanced the growth of the gig economy. Individuals learned to embrace various forms of self-employment and business ownership as they navigate on the new normal, find flexibility, autonomy, and work-life balance. Join us in this blog as we… Continue reading Understanding Different Business Entities: Independent Contractors, Locum Tenens, Solopreneurs, and One-Person Companies

Life is full of uncertainties and emergencies can happen anytime. And although it is impossible to predict when disaster will strike, we can still prepare for it financially by setting up an emergency fund. What is an Emergency Fund?  An emergency fund is basically a fund you set aside for financial emergencies such as unexpected… Continue reading Start Building your Emergency Fund: It’s Important!

As we just came off the rush of the 2022 Tax season, I hear my usual complaints, I pay too much in taxes. My friend did not pay as much as me! They even got a refund.  Where am I going wrong?  The answers are usually quite simple. Where did we go wrong? Did you… Continue reading Tax Season Complaints: I have to pay taxes?  I will never retire.

As the tax season ends, it’s important to remember that paying taxes is not a once-a-year activity. The government describes taxes as pay-as-you-go, meaning taxes need to be paid as you earn or receive your income hence the tax withholdings on your paychecks. But if you’re a small business owner, self-employed, independent contractor, locum tenens,… Continue reading Estimated Quarterly Tax Payment Reminders

Running out of time to file your tax? Don’t worry, there is a solution and it’s for free! Give yourself more time by filing for an extension to file your tax returns. This year’s tax deadline is on April 18 and the Internal Revenue Service (IRS) understands the difficulty of meeting this deadline. To address… Continue reading Extension of Time to File Tax Returns: What You Need to Know

If you are engaged in real estate business, it is crucial to understand the U.S. tax code since it can have significant impact in your financial outcome. A specific section to note is the Internal Revenue Code (IRC) Section 469 which governs the rules related to losses from passive activities such as rentals. In this… Continue reading Maximizing Tax Benefits: Real Estate Professional Status (REPS) and IRC Section 469

The Inflation Reduction Act (IRA), which was signed into law last August 2022, commits to bring more to the table than just reducing the looming effects of soaring inflation. One of its goals is to fight climate change by mitigating pollution through the promotion of a clean energy economy. The law has several provisions and… Continue reading Electric Vehicle Charger Tax Credit