Bedel Blog

Paying your child 1099 income through your business, having them set up an LLC, and contributing to a Roth IRA is an excellent strategy to teach financial literacy and help your child build long-term wealth. It provides immediate tax benefits for your business while offering your child a head start in saving for retirement.

The main issue lies in the allocation of workers. Not everyone has the skills, knowledge, or experience to do any job. This means that even if there are as many jobs as there are people looking for jobs, workers could still struggle to find a job while employers struggle to find a worker.

Avoiding a scam can be difficult, given the urgency and fear caused by fraudsters. Blocking calls and filtering text messages can help avoid some common scams. Avoid giving personal or financial information and resist the pressure to act immediately.

Beyond providing peace of mind, paying a nanny legally also helps them build credits with Social Security and Medicare that may benefit them down the road. Bottom line, it's worth taking the time to structure household employee arrangements at the beginning of an engagement so everyone involved is protected from day one.

Between now and April 15th, millions of taxpayers can make a 2024 or 2025 IRA contribution. Understanding the nuances of Traditional and Roth IRAs can potentially lead to tax savings.

Two of the most notable changes of the SECURE Act were the elimination of the "stretch" provision for non-eligible beneficiaries and the creation of the 10-year rule.

Each method has its own rules and consequences for breaking them, so it is best to solicit advice from a financial advisor and consult with your tax professional/accountant to help determine which method is best for your personal situation.

Many people set out with the best intentions, but the problem with the leftover strategy is that money tends to burn a hole in our pockets. If cash is sitting in the checking account, we will find a way to spend it. Without making a point to save first, it's a crapshoot whether any money will be left behind for savings.

With the dawn of a new calendar year, some tax laws have been updated, some have changed, and others are set to end. You may want to bookmark this article and reference it as you move through the year.

Many understand the tax advantages of employing a health savings account for themselves or their family, but few know how it can be used for an adult child. Check the rules to see if your adult child can open their own HSA.

Investing for retirement when markets are at or near all-time highs can seem intimidating, but these conditions occur much more frequently than many realize. By focusing on diversification and maintaining a disciplined approach to risk management, you can continue to build wealth for your retirement throughout all market scenarios.

The Mega Backdoor Roth is a great way for higher-income earners to take advantage of Roth-like benefits through their employer retirement plan. There are many aspects to consider before attempting to incorporate this strategy into your savings goals.