As the year winds down, it is always a good idea to review your tax situation to determine if there are ways to reduce your tax liability or take advantage of financial planning opportunities that may exist. Here are several items that may warrant consideration prior to the end of the year.
Read MoreSince 2001, individuals over the age of 50 have been allowed to make "catch-up" contributions to their 401(k) plans, IRAs, and Roth IRAs. This provision was designed by Congress to give those nearing retirement the opportunity to boost their savings in tax-advantaged retirement accounts. Now, starting in 2025, new legislation will extend these opportunities even further.
Read MoreAre you the type of person who celebrates your personal victories? According to a number of psychological studies, celebrating victories—even the small ones, has an extremely positive impact on a person’s sense of happiness and well-being.
Read MoreThe IRS has announced contribution savings limits for retirement savings accounts for 2024. All the maximum contributions to retirement plans have increased by $500. Make sure you let your payroll department know that you want to increase your contributions to these plans.
Read MoreLet’s face it, in today’s world, managing your personal financial affairs can be complex. There are many decisions that need to be made on a weekly or even daily basis. For a large and growing segment of the population, who are trying to help aging parents with their finances, this can be incredibly frustrating, stressful and burdensome.
Read MoreFind out the maximum contribution limits that can be made to most retirement savings accounts including 401(k) plans, 403(b) plans, traditional and Roth IRAs for 2022.
Read MoreSmall business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden.
Read MoreWhen it comes to taking account distributions in retirement, which account is best - IRAs, Roth IRAs, Brokerage accounts or 401k plans? Also, are there tax strategies that could be employed now to minimize taxes in the future?
Read MoreOn this episode of Finance In A Flash, Nick and Chip discuss the importance of contributing to 401k's and their benefits. They go through 401k frequently asked questions, tax benefits of 401k's, and have a quick discussion on how you should view investment options within your 401k plan. Chip and Nick then discuss what you should do if you have an old or inactive 401k plan and whether or not you should consider rolling it over to your new 401k plan or roll it over into an IRA. Lastly, always remember to check your beneficiary designations on your 401k plans!
Read MoreDue to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from April 15, 2020, to July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day relief period.
Read MoreHave you confirmed the beneficiary designations of your 401k, IRA, or life insurance policies recently? If not, you should! Find out why.
Read MoreHow good is your 401(k) plan at work? We looked at Brightscope which measures 401(k) plans and gives them a rating.
Read MoreIn this article, we provide some insight into managing those retirement expenses that pre-retires are most concerned about: taxes and health-related expenses.
Read MoreAs a 401(k) plan sponsor or decision maker, do you know that you can be held personally responsible for mistakes in your company's 401(k) plan? Hiring the right professionals, those that can serve as fiduciaries to your 401(k) plan can help defray some of your liability. Find out how.
Read MoreThe Employee Retirement Income Security Act of 1974 (ERISA) imposes strict standards of conduct on fiduciaries who have discretion over the administration and investment of 401(k) retirement plans and plan assets.
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