Posts Tagged ‘Employee’


Tax Benefits of Hiring Veterans

Hire Vets First and Receive Tax Benefits!

The Connecticut Department of Labor (DOL) and U.S. Department of Veteran Affairs (VA) offer tax benefits and free services to employers who hire Veterans.  Pre-screening of applicants and reliable referrals are only a few services offered at no cost to the employer.

 

On-the-Job Training Grants (OTJ) —The Connecticut DOL offers on-the-job training to eligible applicants at the employer’s place of business.  Employers are reimbursed up to 50% of the … Continue reading »


How to Use a Roth IRA to Purchase Your First House

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It can be difficult for younger people to save up to purchase their first house.  Paying rent, making a car payment and perhaps paying off a student loan can drain your cash flow. While a Roth IRA is designed to be used for retirement one possible use would be to use a Roth IRA for the down payment on your first … 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 »


How to Explain a Roth IRA to Your 25 Year Old

 

Roth IRA Eligibility

To be eligible for a Roth IRA you need to have earned income.  This is typically from wages earned as an employee.  Earnings from self-employment also qualify. The annual contribution is the lesser of your earned income or $5,000. The contribution can be made at any time during the year and up to April 15th following the year.


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.

 


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