What is the trust fund penalty?The term "trust fund" has a varied meaning when applied to labor tax rather than asset management. This is the amount of payroll tax levied...
A flexible spending account, or FSA, is a pre-tax expense account that many employers offer for employees' benefit. These bills allow you to pay necessary expenses without paying...
According to experts, the best amount to contribute in your 401(k) is between 10 and 20% of your gross salary. It does not matter the destination account; it is essential to contribute...
The process of growing your financial asset is known as investment. This can happen in various ways, like investing in an asset that will give a cash flow, rising prices, or both....
Formerly known as the retirement savings contribution credit, the saver's credit offers a special tax reduction for low and modest-income taxpayers who save for their retirement....
Most taxpayers will likely agree that the US tax code is complicated and difficult to understand. It is, therefore, evident that some common tax myths have arisen over the years. And...
The Keogh plan (HR 10 plan) is a tax-deferred retirement plan funded by the employer targeted at self-employed people and businesses that are not incorporated. Distributions to such...
Supplemental Security Income (SSI) is a benefit program administered by the Social Security Administration that provides monthly payments to people facing significant physical and...
First, the similarities: 529 custody plans and accounts, such as the UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act), offer parents other ways to help...