Dr. Dahle tackles tax questions in this episode, covering FICA taxes, IRA contributions, working in two states, and maximizing tax efficiency. Learn about managing tax penalties, retirement account strategies, and SoFi's sponsorship for investment property advice. Join the community for financial empowerment.
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Spousal IRA and Backdoor Roth
If your spouse doesn't earn income, they can still contribute to an IRA based on your income, called a spousal IRA.
Use a backdoor Roth IRA for your spouse if income is too high for deductible IRA contributions.
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Avoid Hiring Spouse for Tax Breaks
Hiring your spouse usually costs more in FICA taxes than the benefits from their 401k contributions.
Hiring your kids is often better for tax efficiency than hiring your spouse.
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Manage Estimated Tax Payments Pragmatically
If you have W2 income, adjust withholding rather than making estimated tax payments.
Estimated payments are easy to make online and penalties for underpayment are just interest, not severe.
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Today Dr. Dahle is answering all of your questions about taxes. He talks about FICA taxes, quarterly estimated payments, IRA contributions and tax deductions, paying taxes when you work in two states in one year, how to make your tax situation as efficient as possible and more.
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