Teens in Your
Family With Summer Jobs?
Set up IRAs For Them!
retirement may seem too far off to warrant saving now, but
IRAs can be perfect for teens precisely because they'll likely
have many years to let their accounts grow tax-deferred or
The 2015 contribution limit is the lesser of $5,500 or 100% of
earned income. A teen's traditional IRA contributions
typically are deductible, but distributions will be taxed.
Roth IRA contributions aren't deductible, but qualified
distributions will be tax-free.
Choosing a Roth IRA is typically a no-brainer if a teen
doesn't earn income that exceeds the standard deduction
($6,300 for 2015 for single taxpayers), because he or she will
likely gain no benefit from deducting a traditional IRA
contribution. Even above that amount, the teen probably is
taxed at a low rate, so the Roth will typically still be the
How powerful can an IRA for a teen
be? Here's an example: Both Madison and Noah
contribute $5,500 per year to their IRAs through age 66 and
earn a 6% rate of return. But Madison starts contributing when
she gets her first job at age 16, while Noah waits until age
23, after he's graduated from college and started his career.
Madison's additional $38,500 of early contributions results in
a nest egg at full retirement age of 67 that's nearly $600,000
larger than Noah's — $1,698,158 vs. $1,098,669!
Contact us for more ideas on helping teens benefit from
tax-advantaged saving at 925-634-2344
if you have any questions about this.
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,