Retirement – DougFreemanCPA.com

Are you married and not earning compensation? You may be able to put money in an IRA

AGI (Adjustable Gross Income), IRA, Retirement, Roth IRA, Spousal IRA, Tax Return / By Douglas Freeman

When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made …

Are you married and not earning compensation? You may be able to put money in an IRA Read More »

4 tax challenges you may encounter if you’re retiring soon

Federal Taxes, Required Minimum Distributions (RMD), Retirement, Social Security, Tax Considerations of Selling Your Home, Tax Planning, Tax Rules for Selling Your Home / By Douglas Freeman

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Tax planning is still important As you can see, you may have to make …

4 tax challenges you may encounter if you’re retiring soon Read More »

Retirement saving options for your small business: Keep it simple

Employee Benefits, Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Tax Tips / By Douglas Freeman

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended …

Retirement saving options for your small business: Keep it simple Read More »

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

401K, Estimated Tax Payments, IRA, Quarterly Estimated Tax Payments, Required Minimum Distributions (RMD), Retirement, Setting Every Community Up for Retirement Enhancement (SECURE) Act, Tax Deadlines, The SECURE Act / By Douglas Freeman

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s, and similar workplace plans for taxpayers who turned 72 …

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return Read More »

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

401K, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Traditional IRA / By Douglas Freeman

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject …

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty Read More »

Many tax limits affecting businesses have increased for 2023

HSA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Small Business, Small Business Tax Tips, Social Security, Taxes 2023 / By Douglas Freeman

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. These are only some of the tax limits and deductions that may affect your business and additional rules may …

Many tax limits affecting businesses have increased for 2023 Read More »

How the new SECURE 2.0 law may affect your business

401K, ERISA (Employee Retirement Income Security Act, Retirement, Setting Every Community Up for Retirement Enhancement (SECURE) Act, Small Business, Small Business Owners, Student Loans / By Douglas Freeman

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several years. SECURE 2.0 is meant to …

How the new SECURE 2.0 law may affect your business Read More »

SECURE 2.0 law may make you more secure in retirement

(ABLE) Achieving a Better Life Experience Account, Required Minimum Distributions (RMD), Retirement, Roth IRA, The SECURE Act, Traditional IRA / By Douglas Freeman

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. SECURE 2.0 is meant to build on the original …

SECURE 2.0 law may make you more secure in retirement Read More »

Save for retirement by getting the most out of your 401(k) plan

(NIIT) Net Investment Income Tax, 401K, Modified Adjusted Gross Income (MAGI), Retirement, Roth IRA, Tax Planning, Tax Savings, Tax-Advantaged Retirement Plan, Tax-Deferred Retirement Accounts / By Douglas Freeman

Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution. Because …

Save for retirement by getting the most out of your 401(k) plan Read More »

Answers to your questions about taking withdrawals from IRAs

Required Minimum Distributions (RMDs), Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Traditional IRA / By Douglas Freeman

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions. What …

Answers to your questions about taking withdrawals from IRAs Read More »