For some people, Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs. However, it’s important to take note of just what the distinctive features of Roth IRA are before making the choice. Traditional vs. Roth The biggest difference between traditional and Roth IRAs is how taxes [...]
As a business owner, you may have most of your money tied up in your company – making saving for retirement especially challenging. If you haven’t already set up a tax-advantaged retirement plan, think about setting one up this year. Keep in mind that, if you have employees, they generally must be allowed to participate [...]
Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make that a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some tax breaks, an [...]
When you hire someone to work in your home, you may become an employer. Thus, you may have specific tax obligations, such as withholding and paying Social Security and Medicare (FICA) taxes and possibly federal and state unemployment insurance. Here are four questions to ask before you say, “You’re hired.” Who’s Considered a Household Employee? [...]
It’s not uncommon for parents, grandparents and others to make financial gifts to minors and young adults. Perhaps you want to transfer some appreciated stock to a child or grandchild to start them on their journey toward successful wealth management. Or maybe you simply want to remove some assets from your taxable estate or shift [...]
July 16 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax, and nonpayroll withholding. July 31 If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. August 15 If the monthly deposit [...]