One-person 401(k) plans can provide a valuable source of retirement savings for successful entrepreneurs. Given the right circumstances, such plans allow large contributions on behalf of a business owner and maintain flexibility for making contributions in future years. For 2015, a business owner can make an elective deferral contribution of up to $18,000 (and an [...]
It may not be as high on the wedding plan checklist as the venue, invitations, and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding. Name change. Any time names are changed, it should be reported to the Social Security Administration (SSA). The name associated [...]
If you are a small business owner, here is a list of organizations that may have tools, information, and other resources to help your business grow. Business USA (Business.usa.gov). The mission of Business USA is to be a centralized, one-stop platform for businesses to access government services to help them grow and hire. Business USA [...]
Identifying Charities Eligible to Receive Tax Deductible Contributions If you’re counting on a federal income tax deduction for donating to a charity, you should confirm that the charity has been approved by the IRS as a tax-exempt organization eligible to receive deductible contributions. For some charities, this is easy-everybody knows the American Red Cross, the [...]
2015 HSA AMOUNTS Health savings accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small-to medium-sized companies who do not have access to health insurance. The tax benefits of HSAs are quite substantial. Eligible individuals can make tax-deductible (as an adjustment [...]
DIVIDING IRAs TAX-FREE IN DIVORCE Generally, the division of property, including cash, between divorcing spouses has no immediate federal income or gift tax consequences. Such transfers are considered tax-free gifts between the spouses. However, the tax-free transfer rule does not apply to transfers of balances in IRAs. If an IRA owner withdraws funds from his [...]