Are you a business owner trying to save for retirement? Have you heard of a Solo 401(k) before? Solo 401(k)s can be a great avenue to save for retirement; however, you need to be aware of controlled group rules.
Are you currently contributing to an IRA? Did you know that the contribution limits change each year? Individual Retirement Account (IRA) contributions can be a great way to tuck away more money for retirement, especially with the tax advantages.
A Health Savings Account (HSA) is a great way to provide yourself with medical coverage. These are created through a company, and contributions are typically made manually or automatically through pre-tax withdrawals from your paycheck. However, these contributions have an annual limit on how much can be added to your account. In 2022, an individual… Read More
Retirement planning is a necessity. That’s why it’s imperative to maximize your contributions to your personal retirement fund by understanding the differences between a Roth IRA and traditional IRA and how much you can fund to each. Meeting with your accountant can help you reach your full potential in retirement earnings. Roth versus Traditional… Read More
Senior Americans get some special tax advantages, starting at 50 and escalating at 65. These tax benefits make it easier for seniors at all income levels. Some, like the property tax breaks, larger standard deduction, and catch-up contributions, make it easier for lower-income seniors to live on a fixed income or incentivize saving for retirement.… Read More
If you are self-employed, you are on your own for more than just your income. There is no employer, HR or accounting department at your back keeping track of your insurance and retirement needs for you. Not only are you fully in charge of earning your own income from your business, but you also… Read More
Building Your Nest Through Retirement Contributions and Savings Saving for retirement isn’t easy. Thankfully, the US government recognizes that retirement savings should be incentivized, and there are many ways that you can plan your yearly income to maximize your retirement savings while minimizing your tax liability. Some of the available options offer immediate savings in… Read More