If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan, Tax-free buildup of the value of plan
Retirement plan Archives - Crawford Ellenbogen
Nov 3, 2020
New business? It’s a good time to start a retirement plan
- By Joan Ellenbogen
- Retirement
- 0 Comments
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Apr 7, 2020
CARES ACT changes retirement plan and charitable contribution rules
- By Ellenbogen
- Charity, Retirement
- 0 Comments
Sep 12, 2019
The key to retirement security is picking the right plan for your business
- By Ellenbogen
- Business, Retirement
- 0 Comments
If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made
May 16, 2019
Consider a Roth 401(k) plan — and make sure employees use it
- By Ellenbogen
- Business, Employees, Retirement
- 0 Comments
If you want another retirement savings option to add to your company’s benefits package, consider a Roth 401(k). But make sure employees use it. The Plan Sponsor Council of America found that Roth 401(k)s are available at 70% of employer plans, but only 20% of participants who had access to one in 2017 made contributions
Apr 4, 2019
Make a deductible IRA contribution for 2018 – It’s not too late!
- By Ellenbogen
- Deductions, Retirement, Trusts
- 0 Comments
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and
Apr 3, 2019
Still working after age 70½? You may not have to begin 401(k) withdrawals
- By Ellenbogen
- Financial Planning, Retirement, Taxes
- 0 Comments
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in
Feb 12, 2019
Many tax-related limits affecting businesses increase for 2019
- By Ellenbogen
- Business, Taxes
- 0 Comments
A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain limits on