In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law…
If your business doesn’t already have a retirement plan, now might be a good time to establish one. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA,…
The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021…
With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to…
Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work,…
A retirement planning Q & A with our manager and director Join us as Director Mike Pappas and Manager Cat Arida discuss retirement planning, specifically for the millennial generation. Cat represents the millennials, and she will ask…
American Baby Boomers born between 1946 and 1964 were the first generation to take charge of their own retirement planning, with the advent of the 401(k) in 1978 – when most Boomers were in their 20s –…
Millennials appear to be using their long runway to retirement planning wisely, saving at higher rates than their Gen X and Baby Boomer peers, and showing greater willingness to work with professional financial planners. But keeping up…
Between the ubiquitous Baby Boomers and the headline-grabbing Millennials, members of Generation X often feel forgotten. Born between 1965 and 1980, Gen X is the first generation of Americans at risk of being worse off financially than…
We originally published this article in early 2021 but thought it relevant to re-share. We updated data for 2023. If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about…
Cost-Of-Living Tax Planning for 2021 The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end…
Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business…
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