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What’s the Benefit of a Roth IRA? The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the…
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…
Current Medicare Tax Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to…
The IRS has published 10 tips to help you choose a paid tax preparer to file your return this year. Even if a return is prepared by someone else, the taxpayer is legally responsible for what’s on it. So, it’s…
Startup businesses are often considering either a Limited Liability Company (“LLC”) or a Subchapter S Corporation. Here are the differences:
