A balanced scale with figures representing "Employee" and "Self-Employed" holding "403(b)" and "Solo 401(k)" flags respectively.

Maximizing Retirement Savings: Strategies for Dual-Income Professionals

Retirement Planning, Business Tax, Financial Planning, Tax PlanningNovember 4, 20240Comments
Juggling a 403(b) and a Solo 401(k)? You're not alone! Many professionals today have a mix of W-2 and 1099 income, making retirement planning a bit more complex. But don't worry, with the right strategy, you can maximize your tax-advantaged savings and build a comfortable nest egg. At XOA TAX, we understand the unique challenges…

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A person using the Backdoor Roth IRA strategy to bypass income limits.

Backdoor Roth IRA Strategy: A Guide for High-Income Earners

Retirement Planning, Tax PlanningNovember 3, 20240Comments
For those with higher incomes, exceeding the Roth IRA contribution limits can feel like a missed opportunity to enjoy tax-free retirement savings. But don't worry, there's a strategy designed just for you: the Backdoor Roth IRA. This allows you to contribute to a Roth IRA indirectly, even if your income exceeds the normal limits. Sometimes…

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A person reviewing documents labeled "Rollover Options."

Navigating 401(k) Rollovers in 2024: Your Comprehensive Guide

Retirement Planning, Financial Planning, Individual TaxNovember 1, 20240Comments
Whether you're starting a new job, preparing for retirement, or looking to simplify your financial landscape, understanding how to roll over your 401(k) can significantly impact your financial future. At XOA TAX, we're committed to helping you navigate this process with confidence. This guide breaks down everything you need to know about 401(k) rollovers in…

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Two figures with piggy banks representing HSAs, connected by a line labeled "Contribution Limit".

Navigating HSA Contributions for Married Couples: A Comprehensive Guide

Financial Planning, Individual Tax, Retirement PlanningNovember 1, 20240Comments
This comprehensive guide clarifies the often-complex rules surrounding Health Savings Account (HSA) contributions for married couples, covering contribution limits, various scenarios, and special considerations for age, mid-year eligibility, and divorce.

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A block illustration of a small business storefront with a piggy bank filled with retirement savings.

401(k) Plans for Small Businesses: Benefits, Drawbacks, and Considerations

Employee Benefits, Business Tax, Retirement PlanningOctober 30, 20240Comments
We recently came across a Reddit post from a small business owner who was wrestling with a common dilemma: "I want to offer a 401(k) to my employees, but it seems really expensive and complicated. Plus, can I even offer it to just my key employees?" This sparked a great conversation about the ins and…

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A block illustration of a person in a maze with "1040" and "1040-SR" signs, representing tax form choices.

Understanding Your Tax Form Options: Form 1040 and 1040-SR

Individual Tax, Individual Tax Preparation, Retirement Planning, Tax TipsOctober 9, 20230Comments
Taxes got you feeling a bit overwhelmed? Don't worry, we're here to help! It's like trying to find your way through a corn maze, but with numbers. Luckily, understanding your tax form options can make the journey a whole lot smoother. While the super simple Form 1040EZ was retired back in 2018 (sniff, sniff!), taxpayers…

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Scales balancing income and Additional Medicare Tax.

Navigating the Additional Medicare Tax: A Comprehensive Guide for High Earners

Individual Tax, Financial Planning, Individual Tax Preparation, Retirement PlanningSeptember 26, 20230Comments
At XOA TAX, we're committed to providing our clients with in-depth knowledge and guidance on all aspects of tax planning. One area that often requires careful consideration is the Additional Medicare Tax. This tax can significantly impact high earners, and understanding its intricacies is essential for making informed financial decisions. Let's delve into the details…

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A golden egg cracking open to reveal cash, with "20%" etched on the shell.

Navigating Your Lump Sum Pension Payout: A Tax-Wise Guide

Retirement Planning, Tax PlanningAugust 1, 20230Comments
Retirement is a time to enjoy the fruits of your labor, not worry about Uncle Sam taking a big bite out of your pension. If you're thinking about taking a lump sum payout from your pension plan, it's important to understand the tax implications and how to keep more of your hard-earned money. Let's break…

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