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A Simplified Employee Pension (SEP) is an employer sponsored retirement plan.
Here are 3 proven reasons to consider this plan.
There are a host of reasons small business owners should meet with their CPA. Here are 6 of them:
Smaller business can usually file their tax returns on the cash basis of accounting. The taxable income is based on the revenue received less the deductible expenses. Larger companies must prepare their tax return using the accrual basis of accounting. The accrual basis matches the … Continue reading »
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 government. A self-employed individual is considered to be both the employer and employee and therefore currently pays 2.9% Medicare Tax.
When was the last time you checked your beneficiary designations for your retirement accounts that were established years ago? Beneficiaries are the individuals or entities (such as a charity) that you name to receive these assets upon your death. You may find that your designated beneficiary is not who or what you think it should be, especially if you have divorced, remarried or had children since your retirement plan … Continue reading »
The IRA (Individual Retirement Arrangement) is one of the more underutilized tools for retirement planning. The primary benefit to an IRA is tax-deferred investing. Income taxes are not paid until taxable distributions are made. With limited exceptions, distributions made prior to age 59½ are subject to a 10% penalty in addition to income taxes.