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retirement Tag

 

Retirement Plans

12 Feb, by Jschultz in Accounting, Tax, Tax-Preparation

    Many employers like the idea of retirement plans for employees. When business owners look for complex tax planning opportunities, depending on the size of the company and the goals of the owners, they will some time consider deferred compensation plans.  These are considered…

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…