Archives for 2011

What Mortgage is Best for You?

If you are considering buying a house, it is important that you understand the different types of mortgage loans that are available so that you can choose the loan that is right for your situation.  There are more types of financing available now than ever before, which is beneficial for the buyer, but which can also make things difficult to figure out.  The two basic categories of mortgage loans are fixed-rate and adjustable-rate loans. Fixed-rate mortgages keep the same interest rate for the … [Read more...]

Roth or Traditional IRA?

Back in a December 2010 blog post, we discussed budgeting and mentioned that one option was to open an IRA. However, there are two different types of IRAs, and deciding which one is best for you is extremely important. While both Roth and Traditional IRAs currently have the exact same contribution limit ($5,000 in tax year 2010), contributions to Traditional IRAs are sometimes tax deductible, while Roth IRA contributions are never deductible. If neither you nor your spouse participates in an … [Read more...]

Independent Contractor or Company Employee?

If you are a business owner, it is extremely important that you know the difference between employees and independent contractors, especially when it comes to taxes.  For employees, you must withhold income taxes and Social Security/Medicare taxes, as well as pay unemployment tax on their wages.  Conversely, you do not have to withhold or pay any of these taxes for contractors.  Misclassification could result in fines and penalties from the IRS, as well as having to pay the required taxes plus … [Read more...]