Hey all,
Hoping you all smart people can answer 3 new tax law questions that apply to my situation.
1. Have the back door roth rules have changed with the new legislation?
2. I physician with both a W2 and Independent contractor ie 1099 income. In past years I have contributed to both my employer sponsored plans and Solo 401k based on my IC income. Has this changed with the new law
3. About Independent 1099 income. Are the basic Schedule C deductions unchanged? For instance allowance for business deduction in past years for folks who do not plan on filing as an S corp. Referring to simple things like still deducting your business expenses to calculate your net profit. Not sure if it be worth my time to file as an S corp.
Much appreciate someone smarter than me answering these questions.
Hoping you all smart people can answer 3 new tax law questions that apply to my situation.
1. Have the back door roth rules have changed with the new legislation?
2. I physician with both a W2 and Independent contractor ie 1099 income. In past years I have contributed to both my employer sponsored plans and Solo 401k based on my IC income. Has this changed with the new law
3. About Independent 1099 income. Are the basic Schedule C deductions unchanged? For instance allowance for business deduction in past years for folks who do not plan on filing as an S corp. Referring to simple things like still deducting your business expenses to calculate your net profit. Not sure if it be worth my time to file as an S corp.
Much appreciate someone smarter than me answering these questions.
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