If you own a successful small business with no employees, you might be ready to set up a retirement plan. Or you might want to upgrade from a more-basic SIMPLE IRA or Simplified Employee Pension (SEP) plan. Here are two options — solo 401(k)s and defined benefit pension plans — to consider if you have healthy self-employment income and want to contribute substantial amounts to your retirement nest egg.
In the News
Wednesday, July 27, 2022
Wednesday, July 27, 2022
The 2022 tax year is well underway, and year end will be here before you know it. Summer is a good time to take proactive steps to help reduce the current year's tax bill. Here are some federal tax-planning strategies to consider.
Tuesday, July 12, 2022
Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also be eligible for tax breaks, if certain requirements are met.
Tuesday, July 12, 2022
Many not-for-profit organizations have discovered there can be strength in numbers. In recent years, the number of collaborations, partnerships and even full-scale mergers in the nonprofit sector have surged. These joint ventures can conserve resources, help with fundraising and, in many cases, expand the services each group provides.
Tuesday, July 12, 2022
As you may know, medical practitioners are subject to a federal law that makes it a felony to influence the referral of federal health care business, including Medicare and Medicaid.
Tuesday, July 12, 2022
Creating a formal debt management plan for your construction company will save you thousands or even tens of thousands of dollars in interest, over haphazard borrowing.
Tuesday, July 12, 2022
Idle machines, production bottlenecks, equipment breakdowns, absent employees, new orders — these are just some factors that can disrupt production and eat into your company's profit.
Tuesday, July 12, 2022
Individual taxpayers who are unable to meet their tax obligations can try to resolve matters through the IRS's offer-in-compromise (OIC) program. However, the IRS can refuse such a request — and it often does. Fortunately, you may have other options to repay Uncle Sam, such as arranging an installment plan.
Tuesday, July 12, 2022
The COVID-19 pandemic has seen an expansion of the so-called "gig economy," also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers have ever earned money through an online gig platform, such as Uber, DoorDash or Instacart.
Thursday, June 30, 2022
It's difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of the qualified procedures may surprise you.
For example, most insurance plans won't cover laser eye surgery, such as radial keratotomy or "Lasik," because they consider it a cosmetic procedure. But it generally qualifies for a medical deduction and as an expense in a flexible spending account. (The IRS used to disallow Lasik as a deductible medical expense.) With the cost running into the thousands in most parts of the country, it's a considerable outlay.
