Benefits
Solo 401(k) Plans: Looking Out for Number One
A solo 401(k) plan works pretty much like a traditional 401(k). For starters, you can elect to defer part of your salary to your account within generous annual limits.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
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Benefits
Starting a Retirement Plan? Keep It SIMPLE
To qualify to use a SIMPLE, the business can’t employ more than 100 workers. This includes any employees who earned at least $5,000 in the previous year.
Benefits
IRAs Are Better Than No Retirement Plan At All
Contributions are invested and can grow and compound within your account without any current tax until withdrawals are made. This is an easy type of retirement plan to set up and maintain.
Taxes
Key Tax Provisions in the 2022 Inflation Reduction Act
It also includes significant tax changes, although a tougher international tax regime and a controversial “millionaire’s tax” are notably missing from the final version of the bill.
Benefits
IRS Extends Time for DSUE Election
It just got a little easier for wealthy families to benefit from a favorable estate tax break. In a new ruling, the IRS has extended the time for making the simplified ...
Benefits
The Tax Blotter - July 2022
Many provisions in the tax law are indexed for inflation, so they go up virtually every year. Yet there are several interesting twists and turns for taxpayers.
The Tax Blotter - June 20, 2022
The Tax Blotter is a round-up of recent taxation news.
The Tax Blotter - Feb 23, 2022
The Tax Blotter is a round-up of brief tax news.
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IRS to Track Business Payments Through PayPal, Venmo, Zelle
If your small business receives payments from Venmo, PayPal or other third-party networks, you could be in for a rude surprise next year. Under a little-publicized provision in the American Rescue Plan Act (ARPA), providers must begin reporting to the ...
Benefits
Will the 2022 Income Tax Season be Normal?
So will the 2022 tax filing season be normal? Not likely. In addition to lasting health concerns, a number of new tax law provisions will create complications for some filers, as well as potential pitfalls to avoid. And maybe new tax laws by year's end.
Intuit Exits IRS Free File Alliance
Intuit, producer of the popular TurboTax filing program, has announced that it will no longer participate in the IRS’ Free File Alliance that provides free filing services to qualified taxpayers.
How to Reap Tax Rewards by Year-End Harvesting of Capital Gains
It’s harvest time again. Traditionally, at the end of the year investors realize or “harvest” capital losses or gains from sales of securities to secure tax advantages. And, with the tumultuous times we’ve experienced in 2020, there are more ...