A 457(b) plan is an employer-sponsored retirement savings account with tax benefits. With this plan, you contribute pre-tax money to your salary, and that money will not be taxed until...
Treatment of distributions to persons placed on active service for at least 179 days (article 72(t) of the code)Under the current law Under current legislation, a taxpayer who...
Everyone wants to save on taxes, and older Americans are no exception. If you're over 50, here are some tax tips that can help you get there.The standard deduction for the elderly: If...
Posted by Dennis Jao on 02/23/2021
We have seen that the stock market has hit several new highs in recent months. This is in addition to the fantastic bull market that ran for more than ten years before the rapid coronavirus...
Many people struggle to find the funds they need to build up their retirement savings. Fortunately, a non-refundable tax credit, called a retirement savings contribution credit, can...
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
Thanks to the Internal Revenue Service's (IRS) cost-of-living adjustment, you can save more money on retirement plans and health savings accounts (HSAs) by 2020. This year, good...
The Internal Revenue Code is configured to offer numerous tax reductions to individuals and businesses. Even the IRS recognizes that you have to save money to live and manage your...
Formerly known as the Retirement Savings Contribution Credit, the savings credit offers a unique tax advantage to low- and moderate-income taxpayers who save for retirement. This credit...
Posted by Roland Zita, CPA on 05/30/2019