Pharr CPA Articles

Retire Rich & Tax-Free: How Roth IRAs Are Changing Retirement

Date02 May 2024

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So what is a Roth IRA, Anyway? A Roth IRA stands as a cornerstone of retirement planning, offering a distinct tax advantage to those preparing...

Money Market Investments: Account vs. Fund – Which Is Right for You?

Date02 May 2024

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Understanding the disparity between a money market account and a money market fund is essential for maximizing the potential returns on your cash reserves. While...

Generation Gap: Who’s Actually Saving Enough for Retirement?

Date01 May 2024

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A new study delves into the evolving landscape of retirement planning in the United States, shedding light on the widening gap between individuals’ perceived retirement...

Hidden Gem Options to Elevate 401(k) Savings for High Earners

Date11 Jan 2024

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In 2024, employees participating in 401(k) plans can contribute up to $23,000 per year. In addition, when taking account for employer and employee contributions, the...

Tax-Gain Harvesting and How You Can Use it to Your Advantage

Date19 Dec 2023

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Rallys within the stock market are great for profit, but with profit along comes taxes. Using Tax-Gain Harvesting as a tool can help lower taxes,...

401(k) Contribution Deduction Limits Might Just Save You Money

Contribution Guidelines Increase Savings for Taxpayers in 2024.

Date01 Dec 2023

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Those who are participating in retirement plans will witness an increase in contribution limits from $22,500 to $23,000. These plans include: 401(k), 403(b), and a...

Nearing retirement? Use an HSA.

Date29 Dec 2022

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Nearing retirement? Here's how to get the most out of your HSA.

Starting An S Corp? These Four Questions Will Help You Decide

Date05 Dec 2022

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Do S corps really live up to the hype? Even though everyone else is forming one—should you? How do you know if it’s really worth the time...

ROTH IRAS: PUT YOUR CHILD’S SUMMER EARNINGS TO WORK

Date02 Sep 2022

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A Roth IRA allows you to make after-tax contributions instead of pretax contributions, such as those you might make with your own IRA or your employer's 401(k). It's important to create your account as a Roth IRA when set up, even though Regular and Roth IRA's are similar.

DEDUCTING BUSINESS-RELATED CAR EXPENSES

Date25 Jul 2022

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If you're self-employed and use your car for business, you can deduct certain business-related car expenses. First thing small business owners need to know is that there are two options for claiming deductions

THE 2022 TAX FILING SEASON: WHAT YOU NEED TO KNOW

Date10 Feb 2022

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Monday, January 24, 2022, was the official start to this year's tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.