Manchester, CT 860.646.2465 • Niantic, CT 860.739.5459 • Storrs, CT 860.429.7885
Posts Tagged ‘Ordinary Income’
7 Easy Ways to Decrease Your Income Tax and Keep More Money
1) Maximize Your Contributions to Your 401(k) Plan
Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a match, you really need to participate in this plan at least to get the match amount.
The Difference Between an Asset Sale and a Stock Sale
Closely Held Businesses looking to negotiate a sale of their business will either do an Asset Sale or a Stock Sale.
Asset Sale
With an asset sale, the buyer is buying the assets of the business. These assets will be identified in the purchase and sale agreement. They may include accounts receivable, inventory and fixed assets including office furniture, machinery and vehicles. Additionally they may include intangible assets like customer lists, … Continue reading »
The Difference Between Short-Term and Long-Term Capital Gains
The sale of a capital asset will result in a capital gain. Depending on the holding period of this asset, the gain will either be short-term or long-term. Long-term gains have a lower, preferred income tax rate. The holding period begins on the day the asset is purchased, as measured by the trade date, to the day the asset is sold. Assets that are inherited are deemed to be held long term.
8 Ways to Withdraw From Your IRA Before Age 59½ Without Penalty
Traditional IRAs were designed to provide an opportunity for people to save for retirement on a pre-tax, tax-deferred basis. In other words, the money grows without having to pay any taxes currently on the gains.
The Difference Between an IRA and a Roth IRA
Deciding whether to open an IRA or a Roth IRA is a major decision with potentially large financial consequences. Both forms of the IRA are great ways to save for retirement, although each offers different advantages and rules.
