Countdown to Filing: There’s Still Time to Contribute to an IRA or SEP

Saving for retirementSaving 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.

Do you Need to Audit Your Employee Benefit Plan

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

Keep Your Hands Out of the Cookie Jar

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

Hiring Your Child Can Have Tax Advantages

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

Death, Taxes and a Pending Deadline

“In this world nothing can be said to be certain, except death and taxes.”
Benjamin Franklin
In the years since Mr. Franklin penned this notable adage, the question has ironically become, “How can we best avoid the taxes caused by death?”
Gift and estate taxes have been part of the American tax scene for many years. Currently, with proper planning, a couple can pass approximately $10,000,000 of assets to their heirs without incurring additional taxes. This amount can be significantly higher depending on the type of assets and discounts that may be applied. It is also important to remember that, for a number of years prior to 2011, the gift exemption was significantly less than the estate tax exemption. Continue reading