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Career
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IRS Announces Increased Auditing for Solo 401(k) Retirement Plans
The benefits of self-employment are plenty, but there’s at least one significant drawback: the lack of an employer-sponsored retirement plan. Enter the solo 401(k). Designed for self-employed workers, a solo 401(k) mimics many of the features of an employer-sponsored plan, without the drag of the administrative burdens a traditional 401(k) is known for. A solo…
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Why do experts call my 401k a “qualified plan”?
The quick answer is: A qualified plan is an employer-sponsored retirement plan that qualifies for special tax treatment under Section 401(a) of the Internal Revenue Code. Now for some not too detailed details… There are many different types of qualified plans, but they all fall into two categories. (1) Defined benefit plans (like a traditional…
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Medicare Premiums for High-Income Earners
In 2021, some Medicare recipients will see their base premium increase due to two different laws that govern premiums. One law says that ordinary recipients can’t have their standard premium go up by more than the Social Security cost of living increase for that year. Since the cost of living increase in 2021 will be…
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My first big paycheck is finally in the bank – now what?
Recently I have been talking to clients’ kids or grandkids who have just graduated from college and are starting their first jobs as professionals. Some starting salaries can easily be in the low six figures depending on the profession, so a road map that covers how and where to start saving can be beneficial in…
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Asset Sale vs. Stock Sale: How to Weigh the Options When Selling a Business
One of the main considerations when selling a business is whether to structure the deal as an asset sale or a stock sale. Owners may simply be thinking, “Does it matter as long as I get the highest sales price?” Well, there are plenty of considerations that can make a lower sales price more attractive.…
