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Retirement

Launching a small business? Here are some tax considerations

Business Deductions, Business Expenses, Employees, Qualified Business Income Deducton (QBI), Retirement, Simples, Simplified Employee Pension (SEP), Small Business, Sole Proprietors /

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The pass-through deduction. To the extent your business generates qualified business income […]

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Retiring soon? Recent law changes may have an impact on your retirement savings

Independent Contractors, Retirement, Tax, Tax Planning, The SECURE Act /

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of

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Maximize your 401(k) plan to save for retirement

401 K, Contributions, Individual Income Tax, Internal Revenue Service (IRS), Investment, Retirement, Roth IRA /

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing your contribution rate. Because of tax-deferred

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Taking distributions from a traditional IRA

IRA, Required Minimum Distributions (RMDs), Retirement, Roth IRA, Simples, Simplified Employee Pension (SEP), Tax Planning /

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in

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New business? It’s a good time to start a retirement plan

401K, Employee Benefits, Employees, Individual Income Tax, IRA, Retirement, Roth IRA, Simplified Employee Pension (SEP), Small Business, Tax, Tax Planning /

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan, Tax-free buildup of the value of plan

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What tax records can you throw away?

AGI (Adjustable Gross Income), Federal Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Investment, Retirement, Statute Of Limitations, Tax Record Retention /

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done? Now is a

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2020 Q4 tax calendar: Key deadlines for businesses and other employers

401K, C Corporation, FICA, Income Tax, Retirement, Safe Habor, Simples, Simplified Employee Pension (SEP), Small Business, Tax Calendar /

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Thursday,

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ESOPs offer businesses a variety of potential benefits

C Corporations, Employee Benefits, Employee Stock Ownership Plans, Employees, Retirement, S Corporation, Small Business, Tax, Tax Deduction, Tax Planning /

Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some tax breaks, an

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What qualifies as a “coronavirus-related distribution” from a retirement plan?

(CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Internal Revenue Service (IRS), IRA, Retirement /

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics. In general, if you withdraw money from an IRA or eligible

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A nonworking spouse can still have an IRA

AGI (Adjustable Gross Income), Contributions, Income Tax, Investment, IRA, Retirement, Roth IRA, Tax /

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal”

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