3 Proven Reasons Young Investors Should Fund a Roth IRA and Roth 401(k) to Save

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Time

As the Rolling Stones said, “Time is on my side.” And so it is with younger investors, time is clearly on their side.  The benefit to a Roth IRA or Roth 401(k) plan is that if all of the requirements are met, the distributions are tax-free. To fund a Roth IRA you will need to have earned income.  This is the … Continue reading »

5 Easy Steps to Opening a Business in Connecticut

 

1) Meet With Your CPA and Attorney

The first step is to meet with your CPA and Attorney. Your CPA should be able to review your business plan and provide feedback. Additionally, your CPA should be able to advise you with regards to what entity you should have. Your attorney will get your business registered with the Secretary of State and provide all of the legal documents for your business.

3 Easy Steps For Mid-Year Tax Planning

Half the year is in the books.  Many people are playing golf, going to the beach or having a barbeque. It is also the time however to have your Mid-Year Tax Planning. Here are 3 Easy Steps to make this happen:

 

Run a Tax Projection

As a starting point, review your 2012 income tax return.  Then project out the year 2013 as to what might be different.  Bonuses, stock options and capital gains are some examples of what might … Continue reading »

When to Borrow Against Your 401(k) Plan

While you don’t necessarily want to borrow against your 401(k) plan, there might be some situations when you would consider it.

401(k) Plan Loans

The Internal Revenue Service (“IRS”) allows employers to allow employees to borrow against their 401(k) plan. For an employee to borrow against his 401(k) plan this loan provision must in the plan document. The maximum that can be borrowed is one-half the account value, not to exceed $50,000.  The employee must … Continue reading »

Why You Need Form W-9 Now to Complete Form 1099 Later

1099 Filing Requirements

Businesses have a responsibility to file Form 1099-MISC to all unincorporated businesses that they pay more than $600 to annually.  An unincorporated business is a sole-proprietorship, partnership or a Limited Liability Company (“LLC”).  In addition to having to file Form 1099 to all unincorporated businesses they must also issue a 1099 for all legal services and medical payments. It does not matter what type of entity these companies are.  All payments made to … Continue reading »

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