Are you a highly compensated employee (HCE) approaching retirement? If so, and you have a 401(k), you should consider a potentially useful tax-efficient IRA rollover technique. The IRS has specific rules about how participants such as you can allocate accumulated 401(k) plan assets based on pretax and after-tax employee contributions between standard IRAs and Roth [...]
Granted it may not be as exhilarating as jumping off the high dive, but a dip into these important documents now may save you a multitude of headaches later. TAX LAW RULES Generally, you should keep tax-related documents as long as the IRS has the ability to audit your return or assess additional taxes [...]
Many private business owners elect to incorporate, turning their companies into C corporations. But, at some point, you may consider converting to an S corporation. This isn’t necessarily a bad idea, but it’s important to know the ramifications involved. SIMILARITIES AND DIFFERENCES S and C corporations use many of the same record-keeping practices. Both [...]
Simplicity is the key to a successful family budget. But every budget needs to cover all necessary items. To find the right balance, your budget should address two distinct facets of your family member’s lives: the near term and the long term. In the near term, your budget should encompass the primary, day-to-day items that [...]
When buying a vacation home, the primary objective is usually to provide a place for many years of happy memories. But you might also view the property as an income-producing investment and choose to rent it out when you’re not using it. Let’s take a look at how the IRS generally treats income and expenses [...]
Like most people, as you age into your 40s and 50s, you may wonder what the future holds for your health and well-being. Will you be as shard mentally and robust physically as you are right now? Could a serious medical condition arise in your future that might prevent you from performing routine daily tasks? [...]