...if you were one of the business owners that applied for and received a PPP loan to make sure you would be able to keep your business open amidst all the uncertainty of COVID-19, and then you ended up having a good or even great year in 2020, you might be sitting on more cash in your business than you’ve ever had before, whether that’s $12,000 extra or $200,000 extra or more.
Charitable giving can take many forms and can start at any level, from donating $50 to a local women’s shelter or children’s charity to creating a scholarship fund or private foundation with millions of dollars (or billions). But if you’ve never done more than donate small amounts here and there, you may not understand how you can reach a level of giving that creates a significant impact like Ms. Scott is doing now. And you don’t have to help found the next $1.5 Trillion dollar company to do it!
So we’ve got our apple carts all lined up, and now we’re looking at the Roth IRA apple cart. This cart is special, because it has tax benefits that you don’t get with the other carts (Traditional IRA, regular Brokerage account, even a Money Market account). You have to pay taxes before contributing to the Roth IRA, but when you follow the distribution rules laid out by the IRS the withdrawals are completely tax free later on!