It’s interesting to note that there’s not one way to keep business records.
For many people, their homes are their most valuable asset. So before selling yours, make sure you understand the tax implications.
In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal” IRA. It allows a contribution to be made for a nonworking spouse.
You can still make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return.
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs).
