Saving for retirement is essential for financial security. Fortunately, the government provides tax incentives. You still have time to contribute to an IRA, Roth IRA or SEP plan for the 2012 tax year — before the April 15 tax filing deadline. You can possibly reduce your tax bill and help make your retirement more secure. Working teens can also contribute and build savings for the future. Find out about the basic rules, deadlines and strategies. If you’re getting a refund, you have several options for receiving it. Read the full article here.
If you offer your employees a 401(k), pension plan or other defined benefit plan, you may be required by law to have the plan audited on an annual basis. The U.S. Department of Labor (DOL) is diligent in making sure qualifying plans are audited, and in reviewing the audits to make sure the plans are being properly administered for the beneficiaries of your employees. Continue reading
In the challenging economic times we are currently experiencing, individuals seeking to supplement or replace lost income, or to get through financial crises such as unemployment and medical emergencies, have taken to “raiding” their own 401(k) plans. This is a fiscally risky move that could have serious consequences, both in the short term and down the road. Continue reading
Summer is approaching quickly, which means teenagers will be looking for summer jobs. If you own a business, it can be a wise move to place your child on the payroll. Below are some positive tax outcomes from hiring your child into your family business: Continue reading