You can open different kinds of IRAs with a variety of organizations. You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. You can also open an IRA through your stockbroker. Any IRA must meet Internal Revenue Code requirements, which are listed below for […]
Here are the 2020 and 2021 estate and trust tax tables. 2020 Tax Rate Taxable Income 10% 0 – 2,600 24% 2,601 – 9,450 35% 9,451 – 12,950 37% Over 12,950 2021 Tax Rate Taxable Income 10% 0 – 2,650 24% 2,651 – 9,550 35% 9,551 – 13,050 37% Over 13,050 As always, should you […]
Suppose you’re switching jobs if you were furloughed because of the pandemic or you’re simply searching for greener pastures. If you have a 401(k) from your soon-to-be former employer, you must decide what to do with your retirement account when you leave. Here are your four options: Leave the money in your previous employer’s pension […]
Small businesses and self-employed individuals often tune out when conversations or articles about pension plans come up. That’s just for big business, they think, not for little guys like us. But small firms can tap into the tax breaks of pension plans more easily than they might imagine. Pension plans provide tax deductions for the […]
As an owner of a small business, you’ve proven that you’re a self-starter by operating a successful private enterprise. Of equal importance is applying your skills towards saving for your future. Here are some of the most popular tax-advantaged retirement vehicles for small business owners in 2020 and some tips on saving for retirement. Options […]
