Question: My company has problems keeping employees, a problem that has escalated this year. What can I do? Answer: Record low unemployment has made this a job seeker’s market, but a history of problems retaining employees might suggest that you take a new look at your company’s practices. Start by comparing your salaries, benefits and … Read more
While the federal estate tax basic exclusion amount has risen dramatically in recent years, some states have not followed suit by raising their exemptions. Even with higher current exemptions, the future of taxes is unpredictable, so you need a strategy to deal with potential estate taxes if you own significant assets. A trust could be … Read more
The SECURE Act also creates big changes for companies offering qualified retirement plans. Here are a few of them: Easier Access More small businesses are eligible to start a qualified retirement plan for employees, as the new law allows two or more unrelated employers to join a pooled employer plan. More parttime workers are eligible … Read more
If you’re looking to expand your business, moving to a Qualified Enterprise Zone may provide an opportunity to grow in a tax-smart way. A PRIMER Enterprise zones have been around for decades. And while federal tax breaks for enterprise zones expired, companies that meet certain requirements may gain state and local tax credits in exchange … Read more
Please note the CARES Act waives all required minimum distributions (RMD) for 2020. Congress capped off last year by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act as part of a larger spending bill. This is the biggest change in retirement saving rules in more than a decade. We urge you to … Read more
When you sell appreciated assets, you pay taxes on them in the year you realize capital gains. But when you invest in a Qualified Opportunity Fund (QOF), you defer capital gains taxes and potentially receive tax-free appreciation. If you invest outside of a qualified retirement plan, you might explore how these types of funds could … Read more
WHAT RETIREMENT? According to a survey by The Harris Poll for TD Ameritrade, most Americans age 40 and older intend to work past “retirement.” The poll found that 92% of respondents age 40-49 planned to work in retirement, while 66% of respondents in their 60s and 52% of those in their 70s said the same. … Read more
The sheer number of taxes companies must pay surprises many new business owners. They can be assessed for unemployment, Social Security and a variety of excise taxes, to mention a few. The latter affects businesses dealing with everything from sports wagering and gasoline to indoor tanning and tire sales. They are imposed by some states … Read more
If your company offers a 401(k) plan loan, it can be among your most cost-effective options for short-term needs (five or fewer years). However, these loans come with potential drawbacks. Before you take money from your 401(k), understand all the consequences. THE BASICS Not every 401(k) plan will allow loans, but the majority that do … Read more
If you missed the announcement of higher retirement plan limits for 2020, heres another look at some of them. WORK PLANS The annual limit for defined benefit plans rose from $225,000 to $230,000, while the combined (employer/employee) annual limit for 401(k), 403(b) and most 457 plans rose $1,000 to $57,000. The latter limit includes a … Read more