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
Why open a Retirement Plan for Your Practice?
Let’s start by discussing some of the benefits of setting up and maintaining a Retirement Plan for your practice. The first benefit is that contributions you make into the retirement plan are generally tax deductible, and then those contributions grow tax deferred. Remember, contributing to a retirement plan is one of the best tax shelters… Continue reading Why open a Retirement Plan for Your Practice?
Spring Clean Up Project #1: Your IRAs, 401ks, and 403bs
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
NEW YEAR’S RESOLUTIONS – PT 2
We're continuing with our series on New Year's resolutions that you can do to improve your finances. Be sure to read Part 1 for extra tips! Pay Down Those Credit Cards If you owe money on your credit cards, determine how much you can realistically afford to pay down during the year. For best results,… Continue reading NEW YEAR’S RESOLUTIONS – PT 2
Reminder: Report of Employ Retirement Plan due July 31
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.