Steven Sarrel

  As a CPA who works closely with self-employed individuals, I often recommend Roth IRAs as a foundational retirement tool — especially for those who want long-term tax-free income and more control over their savings. What Is a Roth IRA A Roth IRA allows you to contribute after-tax dollars now, with the benefit of tax-free growth and withdrawals in retirement. For 2025, the contribution limit is $7,000 (or $8,000 if you’re 50+). While the upfront deduction is sacrificed, the tradeoff is decades of tax-free compounding — and no taxes when you take the money out in retirement. This flexibility is valuable for self-employed professionals who don’t have employer-sponsored plans and want to diversify their retirement tax exposure. Roth IRA Benefits Tax-free growth and withdrawals after age 59½ No required minimum distributions (RMDs), offering long-term control Contribution amounts (not earnings) can be accessed anytime, penalty-free There are major estate planning benefits for those lo...

  Most personal loans have fixed rates and interest is calculated either daily or monthly on the remaining balance. So when you pay it off early, you stop the clock on interest. Let’s say you owe $5,000 and wipe it clean ahead of schedule — you’re cutting out months (or years) of interest you would’ve otherwise paid. That’s money back in your pocket. What Are the Best Ways to Pay Off a Loan Faster? A few solid strategies include: Add extra to your monthly payments.  Even $100 extra per month can shave down the balance quickly. Make lump sum payments. Tax refund, bonus, side income  — throw it at the loan. Refinance.  If you qualify for a better rate or shorter term, refinancing can accelerate your payoff. Be careful that you factor in upfront refinancing costs to ensure it makes sense to do. Overall, small extra payments can make a big difference over time. Prepayment Penalties Some lenders do charge a fee if you pay off early — especially if they’re losing out on in...

A tax refund advance loan is a short-term loan offered to taxpayers based on their anticipated tax refund. They rely on the projected refund as collateral, making the process quick but with specific risks and conditions. Considerations on Tax Advance Loans As an accountant, I’d highlight a few critical insights: Speed vs. Cost : These loans are marketed for their convenience — offering funds within days or even hours — but often come with fees, interest, or other charges that can significantly reduce the value of the refund. Some providers offer “no-fee” options, but these may be bundled with higher tax preparation costs. Misaligned Expectations : One risk is that the loan amount is based on an estimated refund. If the IRS adjusts the taxpayer’s return — for example, due to missing documentation or a mismatch in reported income — the loan recipient could face repayment challenges. Targeted Audience : Refund advance loans are often marketed to younger or lower-income taxpayers or those ...

As an accountant, I’ve helped clients claim some very specific tax write-offs that pertain to their unique situations and livelihoods. Below are a few surprising tax write-offs that could save you money. Gambling Losses While gambling winnings are taxable, you can deduct any losses up to the amount of your winnings, including losses from lotteries, raffles, and casino games. For example, If you won $5,000, you can deduct up to $5,000 in losses, but if you lost more than you won, you can’t deduct the excess. Some states allow this deduction, while others don’t. For example, Illinois & Wisconsin do not allow gambling loss deductions at the state level and New Jersey & Michigan allow deductions, but only for professional gamblers. Fostering Pets + Pet Care Expenses Another example is pet care expenses. If you foster animals for qualified charities, expenses like pet food, supplies, and veterinary bills can be deducted as charitable contributions. And if you run a business that inv...