Posts Tagged ‘retirement 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 »


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.


4 Reasons to do a Roth Conversion

 

A Roth Conversion is when funds are taken out of an IRA and converted into a Roth IRA. This conversion results in taxable income. Here are 4 Reasons to do a Roth Conversion:


The Importance of Beneficiary Designations

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 »


What if You Can't Pay Your Income Taxes?

Times are hard for so many people right now, whether you have lost your job, had to borrow from your retirement account or have forgiveness of debt. There are many reasons that could trigger a higher than expected tax bill this year.  If you are one of those individuals who owe a substantial amount of taxes to the Internal Revenue Service ("IRS") there are some options available to you. 


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