Personal financial planning is an ongoing process. The good news is that financially speaking, 2013 was a really good year. The stock markets are at all time highs. Many real estate markets around the country rebounded nicely. And interest rates remain near historic lows. Hello 2014. Who knows how financially friendly this year will be?… Continue reading RE: EIGHT RESOLUTIONS TO IMPROVE YOUR PERSONAL FINANCES
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that most of the retirement savings limits will NOT increase for 2014. RETIREMENT PLAN LIMITS FOR 2014: Savings Opportunity Maximum Contribution for 2014 401(k) or 403(b) Deferrals $17,500 in 2014 Roth and Traditional… Continue reading IRS Increases Retirement Plan Limits for 2014
It's not too late to cut your 2013 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven't been contributing at the maximum rate all year. This year you can put away up to $17,500 ($23,000 if 50 or older) into your 401(k) or 403(b) plan. If you’re self-employed, consider… Continue reading Checklist to Cut your 2013 Tax Bill
On Halloween night, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations. Unfortunately, the bulk of the retirement savings limits will not increase from 2013. According to the October 31st announcement made by the IRS on Pension Plan Limitations for 2014, "Some pension limitations such as those governing 401(k)… Continue reading IRS Announces Few Increases to Retirement Savings Limits for 2014
As people switch jobs, change financial planners, or just move through life, it's not uncommon to leave a trail of IRA accounts, 401k accounts, and 403b accounts. Why not take this opportunity to clean up these retirement accounts by consolidating them into one or two accounts? Consolidating all of your retirement accounts into just a… Continue reading Spring Clean Up Project #1: Your IRAs, 401ks, and 403bs
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that many of the retirement savings limits will increase for 2013. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to… Continue reading IRS ANNOUNCES HIGHER RETIREMENT PLAN LIMITS FOR 2013
If your Keogh or Solo 401(k) accounts are worth more than $250,000, or if you have employees in your plan, you need to file Form 5500-EZ by Tuesday, July 31. For more info: http://www.irs.gov/retirement/article/0,,id=117588,00.html Have questions? We can help: 781.938.0045.
Each winter, when my staff and I meet with our clients to review their tax information, we get this question a lot, "Should I go with the Roth version of my employer's 401(k) or 403(b) plan, or should I stick with the traditional version?" Taxpayers first had the option of contributing money to a Roth… Continue reading When Regular is Better than Roth – Part 1