Tax Gain Harvesting 101: Boost Your Cost Basis Without Triggering Taxes
Learn how tax gain harvesting allows you to strategically sell appreciated assets and immediately repurchase them, resetting your cost basis to minimize future tax liabilities.
How to Lock in 0% Long-Term Capital Gains Tax Before a Bracket Increase
Tax planning is a year-round activity. Smart investors are always looking for ways to minimize their tax liability, and with the potential for tax bracket increases, now is the perfect time to explore strategies to lock in favorable rates. Did you know that if your taxable income falls within a certain range, you might qualify […]
Stock Trading Taxes: How Much to Set Aside?
Stock trading can be an exciting way to grow your wealth, but it’s important to remember that Uncle Sam wants his share of your profits. As a CPA, I often see people get caught off guard by the taxes owed on their stock trades, especially if they’ve had a particularly good year. To avoid an […]
Comprehensive Guide to 1099 Forms: Types, Deadlines, and Filing Instructions for 2024
As a small business owner or independent contractor, the world of tax forms can seem daunting. One crucial aspect that often trips people up is understanding Form 1099. At XOA TAX, we’re dedicated to simplifying the complexities of tax season. We’re here to guide you through the ins and outs of 1099s for the 2024 […]
Navigating Form 1040NR: A Comprehensive Guide for Nonresident Aliens Filing in 2025
This comprehensive guide explains Form 1040NR for nonresident aliens filing US taxes in 2025, covering filing requirements, income reporting, deductions, credits, tax treaties, FATCA, and more.
Backdoor Roth IRA for High Earners: A Simple Guide (No Traditional IRA Needed)
Bypass Roth IRA income limits with the simple backdoor Roth IRA strategy—ideal for high earners with no existing Traditional IRA—and unlock tax-free retirement growth.
Tax Consequences of IRA Recharacterizations: What to Expect When You Convert
Understand the tax consequences of recharacterizing or converting your IRA contributions to optimize your retirement savings strategy, and learn how XOA TAX can help you navigate these complex transactions.
Avoiding Roth IRA Contribution Surprises: Year-End Bonus Tips
Year-end bonuses can unexpectedly impact your Roth IRA contributions; learn strategies to avoid penalties and maximize your retirement savings with expert tax planning tips.
Understanding the Pro Rata Rule: What High Earners Need to Know About Roth Conversions
At XOA TAX, we regularly guide individuals on maximizing their retirement savings. Converting a traditional IRA to a Roth IRA is a popular tactic, but it’s crucial to understand the implications of the pro rata rule before you begin. This rule can significantly impact your tax liability, especially for high earners considering conversions in 2024. […]
Navigating the Backdoor Roth IRA: A Step-by-Step Guide for High Earners
Roth IRAs offer fantastic tax advantages for retirement savings, but unfortunately, they come with income limitations. For 2024, if your modified adjusted gross income (MAGI) falls within the phase-out range—starting at $146,000 for single filers and $230,000 for those married filing jointly—your ability to contribute directly to a Roth IRA will be reduced or eliminated. […]
