Monthly Archives: November 2010

Tax Tip: Year-End Tax Planning Tips| Tip of the Week | November 24, 2010 | No. 18

Planning Tips to Consider:
Last week we looked at some of the pending tax increases in 2011 if congress does not act by the end of the year. Since no one can predict what congress may or may not accomplish, the following are some planning tips to consider:
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Tax Tip: Saving for Retirement Series – Part 4: Roth IRAs

In this week’s issue, we will discuss the second major type of IRA, the Roth IRA. As a reminder, an individual retirement arrangement (IRA) is a personal retirement savings plan that offers specific tax benefits. Continue reading

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SEP IRAs – One alternative to building a bigger retirement nest egg.

A simplified employee pension (SEP) is a written plan that allows the self-employed and employees to make retirement contributions to individual retirement arrangements (called SEP-IRAs). SEP-IRAs are attractive to self-employed individuals because this plan allows you to make contributions toward your own retirement and your employee’s retirement without getting involved in a more complex qualified plan (which require annual tax return filings).

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401(k) Profit Sharing Plans Provide Great Flexibility

A traditional 401(k) Plan allows an employee to save for retirement through a 401(k) salary reduction plan, have the savings invested, and defer current income taxes on the saved money and earnings until withdrawal. A Profit Sharing Plan is an employer funded, discretionary plan that can provide benefits to owners and their employees based on the company’s profitability. These two plans coupled together, called the “401(k) Profit Sharing Plan”, can be a nice tool to flexibly save for owners’
retirement through the 401(k) portion of the plan and to recruit and retain good employees.

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