The simplified employee pension (SEP) IRA is for people that are retired. The scheme was established as a saving retirement plan for employees, and the employers make tax deductible...
Posted by Tiffany Gaskin on 07/31/2022
Two things stand out about flexible savings accounts (FSAs). They can help reduce your taxes. They help you pay for medical or dental bills that are not covered by health...
Posted by James Financial Services Inc on 03/10/2022
In simple terms, a Roth IRA conversion permits converting your money to a Roth IRA from a traditional or a pre-tax retirement account. If used properly, they can be a financial planning...
Posted by Pat Raskob on 01/21/2022
You are entering into a contract with the IRS when investing in 401(K), IRA, or other tax-deferred plans. With this, one will get years of tax-deferred growth, in which one can start...
Posted by Income Taxes and Bookkeeping LLC on 09/26/2021
Young families should make these changes throughout the year to keep their taxes low. Here are the areas you should be looking to save:Give yourself a raise.If you received a huge...
Posted by Income Taxes and Bookkeeping LLC on 08/06/2021
Divorce is a nightmare and messy process that people try to do away with as soon as possible. They hardly consider consequences on taxes, especially in the long run. Most times, it...
Posted by James Financial Services Inc on 07/17/2021
If you lose or quit your job, your 401k retirement savings can come with you. There are options for your 401k funds when this happens, and one is to switch to an Individual Retirement...
Posted by Income Taxes and Bookkeeping LLC on 07/06/2021
Some errors on your tax return can cost you a large refund or end up with a larger tax debt with penalties and interest. There could be an audit in the worst cases, but you can defend...
A flexible spending account (FSA) is a healthcare benefit account sponsored by the employer, which allows them to set aside $2,7750 every year to take care of the cost for medical...