When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with outstanding plan loan balances have until their tax return filing due date (plus extensions) to […]

Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. So […]

If you’re not making the maximum 401(k) contribution allowed ($18,000, or, if age 50 or older, $24,000), consider increasing your contribution rate through year end. Traditional 401(k) contributions are pretax, plan assets can grow tax-deferred (you pay no income tax until you take distributions), and your employer may match some or all of your contributions […]

An employee stock ownership plan (ESOP) is a qualified retirement plan that invests in the business’s own stock and offers valuable tax benefits. The business’s contributions are typically tax-deductible. Dividends paid on ESOP stock passed through to employees or used to repay an ESOP loan, and dividends voluntarily reinvested by employees in company stock in […]

If you convert a traditional IRA to a Roth but discover you’d be better off if you hadn’t converted, it’s possible to undo it. This may be beneficial if the conversion pushes you into a higher tax bracket, you expect your tax rate to go down or the account value has declined. Generally, if you […]