Can you please explain a concept that I heard. Using the 401k matching plan and using those funds to channel it into a roth IRA and HSA. Is this possible?
You can get tax savings as a sole proprietorship - if its in a loss position and you're active in the business and its not a hobby. You can also deduct items through the business that you wouldn't be able to if you didn't own it.
What about a video on the AOTC, I have 2 kids in college. Early retired and bought and EV . Is the AOTC refundable? What if you have 2 kids? So for example if $1000 is refundable Can you get $1000 refundable per kid? What if you have the EV credit Does that apply first or after?
This was awesome! Thank you for doing this video. The example was a great idea. It was very helpful. Thank you.
Glad it was helpful!
Can you please explain a concept that I heard. Using the 401k matching plan and using those funds to channel it into a roth IRA and HSA. Is this possible?
Are you referring to the Mega Backdoor Roth - if so, we created a video on this idea.
wow this was an amazing video thank you so much, especially showing us what it would like on a tax return. thanks again
Glad you enjoyed it!
Can I max out and company contribution is on top of it or total in an year including companies contribution should be within 22500$
stay tuned...I'm going to be creating another video relating to a way for W2 employees to put more into their retirement plan.
Owning a business as a sole proprietorship can you have tax savings? Or do you have to have a LLC to see tax savings?
You can get tax savings as a sole proprietorship - if its in a loss position and you're active in the business and its not a hobby. You can also deduct items through the business that you wouldn't be able to if you didn't own it.
Great video, thanks
Glad you liked it!
What software is that that you're using?
IRS website for templates of the tax forms.
@@rob_cpa oh wow that's easy enough lol
What about a video on the AOTC, I have 2 kids in college. Early retired and bought and EV . Is the AOTC refundable? What if you have 2 kids? So for example if $1000 is refundable
Can you get $1000 refundable per kid? What if you have the EV credit
Does that apply first or after?
If your kids are in college they are clearly over 16 and child tax credit doesn’t apply
500 per kid dependent credit though
@@g.t.richardson6311 no you can get a dependent credit per kid of $500 when they are in college long after 16.
@@g.t.richardson6311 AOTC is American Opportunity Tax Credit. Different than child tax credit.
@robn.5932 Correct. It's per eligible student/child.