This is a very timely article by the WSJ about how people are using their retirement plans to provide liquid funds to pay billsuntil the economy recovers. There are tax smart ways to access dollars in your plan. Read the full article
WITH STOCK MARKETS TUMBLING, RESIDENTS INCREASINGLY WORRIED OVER 401(K) AND RETIREMENT PLANS ANCHOR HUEL PERKINS: Many of us who invest in the stock market are feeling a little bit rattled right now. ANCHOR MONICA GAYLE: But is there a real reason to be...
New limits on retirement plans for 2017 Below we have a list of the most common Pension Plans Maximum SIMPLE contribution $12,500 Maximum SEP contribution $54,000 Maximum compensation for plan purposes is $270,000 Maximum monthly benefit for defined benefit plans...
Stop Overpaying Your Business Taxes by Hundreds of Thousands of Dollars per year! Business owners do not realize that buried somewhere in their tax return is the most powerful tool to increase their business cash flow. That tool is called a depreciation...
Why You Should Love Your Stinkers We have had quite a few emails and calls about the 9 Ways to Reduce Your Taxes attachment in the November newsletter. Most of the questions were about the “wash sale” rule typically used in selling stocks so let’s spend some more time...
The Oct 15th extended personal tax return deadline is looming, so if you haven’t filed yet you need to cancel this weekend’s plans and get to it!! Many people in Florida will learn an unfortunate lesson after being punched in the head by Hurricane Matthew as they are...
Ask anyone if they “pay too much income tax” and the knee jerk reaction is almost always, “yes!” and without much hesitation. Why do we call that a knee jerk reaction? Because if you then follow the question up with two more questions, “What did you pay in federal tax last year? And/or what bracket […]
With COVID at our heels again and Thanksgiving effectively canceled for many, it seems that a repeat of the first half of 2020 may be at hand. The arrival of the vaccine should make it less scary soon, but we still need to dodge the virus and keep our businesses open between now and when […]
First, let’s say upfront that a business that has sources of income and expenses and leaves 25% profit on the table is an awesome business! Example: A Plumber makes $400,000 a year and spends $300,000 a year on plumbing tools, trucks, repairs, staff, insurances, etc., and walks away with $100,000 at the end of the year that he […]
No trick! Opportunity zones are your treat this Halloween. Year-end tax planning, the stock markets, and opportunity zones are all on a high speed merge around the country. Hopefully, the information is getting to the correct people, but even if you are seeing this for the first time, you still have time to get educated […]
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