Pension benefit – DougFreemanCPA.com

Taming the tax tangle if you’re retiring soon

401K, Federal Taxes, Health Care, Income Sources, Ordinary Income Tax, Pension benefit, Qualified Charitable Distribution (QCD), Required Minimum Distributions (RMDs), Retirement, Roth IRA, Social Security Tax, Tax Planning / Douglas Freeman

Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications. […]

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Facing a future emergency? Two new tax provisions may soon provide relief

401K, Employees, Highly Compensated Employees, IRA, Pension benefit, Small Business Tips, The Secure Act 2.0 / Douglas Freeman

Perhaps you’ve been in this situation before You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax.

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Simple retirement savings options for your small business

Contributions, Employees, Investment, Pension benefit, Retirement, Simples, Simplified Employee Pension (SEP), Small Business, Tax Deduction / Douglas Freeman

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an

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Divorcing couples should understand these 4 tax issues

Divorce, Estate Planning, Income Tax, Pension benefit, Tax, Tax Planning, Tax Rules for Selling Your Home / Douglas Freeman

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and those important tax-related decisions are

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It’s not too late: You can still set up a retirement plan for 2018

401 K, Employee Benefits, Income Tax, Individual Income Tax, Internal Revenue Service, Investment, Investment Income Tax (NIIT), IRA, Pension benefit, Profit-Sharing, Profit-Sharing Plan, Simplified Employee Pension (SEP) / Douglas Freeman

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return! More benefits. Not only

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