A defined benefit plan, more commonly known as a pension plan, provides guaranteed retirement benefits to employees. Defined benefit plans are primarily funded by the employer, with...
This is an employer-sponsored pension plan that offers qualified employees a guaranteed payment during retirement. This is an alternative to the defined contribution plan, which allows...
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...
Being a self-employed, independent contractor, or working for a small business can seem like a dream. However, one downside is that you are unlikely to have access to a workplace pension...
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...
You should be considering withdrawing from your retirement savings if you are out of work and need income. Normally you have to pay a 10 percent early withdrawal penalty if you will...
Posted by Tim Thompson CPA PLLC on 07/16/2020
The thought of retiring can be a terrifying prospect. Think about it: it's practically decades of unemployment, assuming you don't work at all during this time, with a set...
Posted by Freddie Cook, CPA on 06/11/2020
The ‘Setting Every Community Up for Retirement Enhancement Act’ (SECURE Act) passed recently in the House with a 417-3 vote and is relied upon to reach the Senate during...
Posted by John Pournaras Agency on 07/29/2019
A pension is a defined benefit retirement plan that guarantees a specific regularly scheduled payment to employees after they resign. This is not the same as retirement vehicles, for...
Posted by J.R.'S TAX SERVICE on 02/19/2019