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401(k) Tag

 

MyRA

31 Jan, by Jschultz in Tax, Tax-Preparation

President Obama signed an executive order of January 29, 2014 creating the MyRA. It appears that its intention is to provide a low risk saving opportunity for those who do not participate in company run retirement plan.  The annual limits on the contribution will be…

401 k Contributions

31 Dec, by Jschultz in Tax

A 401 k plan is an employer sponsored plan. Certain requirement must be met before a employee become eligible. for 2013 and 2013 an employee may choose to defer a maximum of $,17,500 on a pre-tax basis. employee’s who are over the age of 50…

Can I make a Traditional IRA Contribution

31 Dec, by Jschultz in Business, Tax

Making a Traditional IRA contribution is the best way to reduce your income tax liability.  All other deductions result in a decrease in tax. But most deductions result in a net out flow of cash.  Traditional IRA contributions are not available for withdrawal without penalty…