Posts Tagged ‘401(k) Plan’


3 Reasons I Encouraged My Son to Open a Roth IRA

I recently suggested to my son that he open a Roth IRA.  Here are the 3 reasons why.

 

 1) He’s Young

The Roth IRA offers a huge advantage over a regular IRA. This is particularly so for younger people.  With the IRA you are (generally) allowed a tax deduction for this.  The IRA grows tax deferred. You can begin to take distributions after age 59 1/2 without penalty.  You must begin taking distributions after … Continue reading »


3 Proven Reasons a Small Business Should Consider a SEP Retirement Plan

A Simplified Employee Pension (SEP) is an employer sponsored retirement plan.

 

Here are 3 proven reasons to consider this plan.

 


4 Reasons All Employers Should Offer a Roth 401(k) Plan

 

1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA

Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for a total of $6,000.  To contribute to a Roth IRA you need to have earned income at least up to the amount of the contribution. Earned income is from wages as an employee (Form W-2) or … Continue reading »


Fifty Shades of Tax Deductions

No Fifty Shades of Grey here.  Here are Fifty Black and White Tax Deductions and Credits.

1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.

2) Medical Expenses

3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.


Why Every Week is ‘Mob Week’ for Connecticut Taxpayers

 

This week is Mob Week on AMC. We get to watch classic Mob movies like The Godfather, Scarface and The Untouchables.

 

Unfortunately every week is Mob Week for Connecticut taxpayers.

In 2011 the State of Connecticut passed their largest tax increase ever. The highest state income tax rate was increased from 5% to 6.7%.


Web Statistics