Blog
SEP IRA vs. Solo 401(k): Which One is Right for Your Business?
March 9th, 2020
Do you own a small business and are considering starting a retirement plan for your employees and yourself? Are you not sure about which one is right for your business? Both an SEP IRA and solo 401(k) are retirement accounts that allow you as the bus…
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SIMPLE IRAs vs. SEP IRAs: What is the Difference?
February 24th, 2020
The primary difference between a SIMPLE IRA and a SEP-IRA are who is allowed to fund the retirement accounts and the contribution limits. Both a SIMPLE IRA and a SEP-IRA are tax-deferred individual retirement accounts offered primarily by small busin…
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Are You Maximizing Your IRA Retirement Plan Contributions?
February 14th, 2020
Tax time is a great time to review your retirement savings to make sure you are maximizing your IRA retirement plan contributions. The IRS gives you until April 15 (Tax Day!) to make contributions for the preceding year (current tax year). That’s r…
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Qualified Charitable Distributions - What they are and how they provide valuable tax savings. [a detailed review]
February 5th, 2020
A qualified charitable distributions are donations to an eligible charity taken directly from your traditional IRA. Depending on the amount you give to qualified charitable organizations annually, the tax savings of having the payments made directly…
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Tax Benefits of a Traditional IRA vs ROTH IRA
January 20th, 2020
An IRA is an individual retirement account, a vehicle people can use to save for retirement. Both Traditional and Roth IRAs have amazing tax benefits. Both types of IRAs help you with tax planning for retirement by giving you a vehicle to save money.…
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Get Ready to File Your Tax Return: Documents You Will Need [Checklist]
January 14th, 2020
It’s tax time! You know what that means: time to pull together all those important documents you need to take to your accountant to complete your tax return. Having all the documents organized will help ensure your tax return is completed correctly…
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Understanding Your Health Savings Account (HSA) [Breakdown]
January 3rd, 2020
If you qualify for a Health Savings Account (HSA), it provides a great method with some careful planning to both pay health insurance companies less and save for retirement, while reducing your tax liability. Setting aside money in an HSA allows you…
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When Will You Receive Your Tax Refund in 2020?
December 24th, 2019
See the biggest factors that affect when you receive your tax refund in 2020 for the 2019 tax year.
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Required Minimum Distribution (RMD) for Retirement Income - Understanding the RMD and How to Get the Largest Tax Benefit from Your Distribution
December 16th, 2019
It is that time of year again: Time to make sure you have met the required minimum distribution (RMD) from your retirement account by December 31. If you turned 70½ this year, you have until April 1 of next year to take your first RMD from your tax…
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Get Ready to File Your 2019 Tax Return: The updated numbers affecting your 2019 tax return
December 9th, 2019
Due to the annual inflation adjustments, the IRS has updated the numbers affecting your 2019 tax return, including tax brackets and tax rates and standard deduction amounts. These are the numbers you will use in 2020 to file your 2019 tax return. If…
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