Parents typically open custodial accounts if they want their children to save and invest because children in most states are not legally allowed to own financial assets. UTMA is one...
Posted by Advanced Accounting & Tax Planning on 01/19/2020
In the year 2020, how much do you think you can save for retirement? The 401(k) contribution limits are up, traditional IRA contribution limits stay the same, and almost all the numbers...
Posted by Debi G Hill, CPA on 12/28/2019
In the form of higher contribution limits for 2020, the Internal Revenue Service (IRS) gave retirement savers an early holiday gift this year. Workplace retirement plan contribution...
Posted by LLOYD J CAZES CPA on 12/28/2019
What is the Required Minimum Distribution (RMD)?Required Minimum Distribution is the amount that qualified owners and participants must withdraw from a traditional, SEP, or SIMPLE...
Posted by YourIRSTaxAdvocate.com on 11/13/2019
The benefits of self-employment are many, but there is at least one significant disadvantage: the absence of an employer-sponsored pension plan, such as 401 (k).Enter the Solo 401...
Posted by John Pournaras Agency on 11/13/2019
The withdrawal policies for the 529 plan have changed over the years. From once a relatively restrictive definition of "Qualified Higher Education Expense" or QHEE, it has...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 11/11/2019
Taxable income is the sum used in estimating the amount of tax a person or corporation owes to the government in a given fiscal year. Generally, it is described as a gross income or...
Posted by Advanced Accounting & Tax Planning on 11/05/2019
If you are a full-time Forex trader, there are several significant tax benefits for those who are not available to more informal market participants. The bad news is that it is quite...
Posted by John Pournaras Agency on 10/31/2019
As a homeowner, it's imperative to know and understand the taxes you can deduct from your taxes because they will help you reduce your taxable income and reduce your tax burden....
Posted by Flynn Financial Group Inc on 10/29/2019
