SIMPLE IRA – DougFreemanCPA.com

2023 Q4 tax calendar: Key deadlines for businesses and other employers

2023 Tax Calendar, 2023 Tax Deadlines, C Corporation, Estimated Tax Payments, Federal Income Tax Filing, FICA, IRA, Small Business, Small Business Owners, Tax Deadlines / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. 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. Note: […]

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2022 Q4 tax calendar: Key deadlines for businesses and other employers

2022 Tax Calendar, C Corporation, Estimated Tax Payments, FICA, Income Tax, Quarterly Estimated Tax Payments, Small Business, Tax Deadlines / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. 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. Note:

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IRS announces adjustments to key retirement plan limits

401K, Internal Revenue Service (IRS), IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP) / Douglas Freeman

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs).

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Retiring soon? 4 tax issues you may face

C Corporation, Partnerships, Required Minimum Distributions (RMD), Retirement, S Corporation, Social Security, Tax Considerations of Selling Your Home, Tax Planning / Douglas Freeman

If you’re getting ready to retire, 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 deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts.

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New law helps businesses make their employees’ retirement secure

401K, IRA, Multiple Employer Plan (MEP), Retirement, Setting Every Community Up for Retirement Enhancement (SECURE) Act, Small Business, Tax Credits / Douglas Freeman

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed

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The key to retirement security is picking the right plan for your business

401 K, Income Tax, IRA, Retirement, Simplified Employee Pension (SEP), Small Business, Tax Planning, Tax Savings / Douglas Freeman

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made

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Catch-up retirement plan contributions can be particularly advantageous post-TCJA

401K, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Retirement, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings / Douglas Freeman

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions

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Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses

IRA, Tax Planning, Tax Savings / Douglas Freeman

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses.

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