When it comes to retirement savings, the Roth IRA is often hailed as the gold standard for its tax-free growth and withdrawal benefits. However, not everyone is eligible to contribute directly to a Roth IRA due to income limitations. Enter the Backdoor Roth IRA—a clever strategy that allows high-income earners to take advantage of Roth [...]
As the end of the year approaches, it's important for individuals and businesses to start thinking about their tax situation and how to minimize their tax liability. Proper tax planning can help you to take advantage of tax savings opportunities and ensure that you are prepared for the upcoming tax season. Here are some tips [...]
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid [...]
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the [...]
