Planning for retirement is a crucial aspect of financial well-being, and the Internal Revenue Service (IRS) offers various tax-advantaged strategies to help individuals save and invest...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/27/2023
In 2017, 49% of adults aged 55 to 66 had no retirement savings; this is according to the US Census Bureau. Since that time, various policies such as the Secure Act 2.0 have been used...
Posted by Pat Raskob on 07/29/2023
Who counts as an independent contractor versus an employee may be about to change, as a new proposal from the US Department of Labor (DOL) suggests revamping the classification of...
Posted by Rosovich & Associates, Inc. on 01/30/2023
Suppose you intend to invest but are still confused about how and what to invest; fear not. The goal is to walk you through the top three investment ideas as beginners. Investment...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/09/2022
An unexpected tax bill can ruin anyone's day. To help you avoid this unpleasant surprise, here are some simple steps that many people can take to reduce their taxes. In many cases,...
A 401(k) work plan helps you save a considerable amount each year in retirement, but there are annual limits for your contributions and those of your employer. Whether you choose a...
You must be a U.S. citizen, lawful permanent resident (green card holder), or pass the "substantial presence" test to be recognized as a U.S. resident for tax purposes. Some...
Saving for retirement can be a challenge, and if you're falling behind, you're not alone. In 2020, the average 401(k) account balance was around $25,000, according to a Vanguard...
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...