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Author Archives: taxblogger
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).
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.
Tax Tip: Saving for Retirement Series – Part 1: Traditional IRAs
We are beginning a series of Tax and Money Tips to take a look at ways that you can save for retirement in a tax advantaged way. As we approach year-end, now is a good time to review your current retirement plan and consider any moves needed to maximize your tax savings.
Using IRAs to Cover College Expenses
It’s time for college students to head back to school. But how are you going to pay for this next year of college? Some people will be able to write the check. But the majority of the population relies on loans, grants, scholarships, funds from family members and student earnings to cobble together enough money to pay the bills. What if it isn’t enough? Can you use your retirement savings to help pay the bill?
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The Small Business Jobs Act of 2010
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (H.R. 5297). The legislation contains several provisions designed to ensure that small businesses have access to adequate credit. The Act also contains targeted short-term tax relief for small businesses.
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Is QuickBooks Helping the IRS Audit Your Books?
In the past, an IRS agent would request printed reports and back-up paper documents during an audit. There is now the possibility that they will request an actual copy of your QuickBooks file – not just your printed general ledger. The IRS recently purchased several thousand QuickBooks licenses in preparation of up-coming audits.
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Watch Out: Expiring Tax Rates and Breaks
Without action by Congress by Dec. 31, 2010, lots of tax rates and breaks expire. Continue reading
Don’t Miss the October 15 Deadline
If you need to file a Form 1040 (individual return), the deadline to file is October 15, 2010. Continue reading
Dissecting the Healthcare Bill | Part 4 of 4| No. 7
Good Morning! This week we will look at provisions of the Healthcare Bill that take effect in 2013 – 2018.
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