The Roth 401(k) plan – a combination of popular 401(k) accounts for employees and the Roth IRA concept for individuals — has been relatively slow to catch on in the workplace. But the federal government recently announced that it is offering this hybrid retirement savings option to its 3.3 million U.S. government workers.* If it’s good enough for Uncle...
Read more →It has been estimated that in the next five years or so, more than $5 trillion in value of small businesses will be changing hands. In the next 10 to 15 years, the estimate rises to $14 trillion. The main reason driving this is, of course, the aging of the Baby Boomer population in...
Read more →Your quick and painless votes, likes and follows on our firm’s Facebook, LinkedIn, and Twitter pages will do a lot of good for the Leukemia and Lymphoma Society if we rise to the top in the BizJournals ”SocialMadness” Challenge. We’re growing our social media presence head-to-head, tournament-style, each week until one company is left standing in...
Read more →When it comes to the tax code, some documentation requirements are flexible, while others are dictated by law and there’s no exception. A recent Tax Court case illustrates the importance of following the strict charitable contribution rules. Facts of the case. David and Veronda Durden filed a joint return for 2007 claiming a deduction of $25,171...
Read more →For years, there have been concerns about the murkiness of various fees charged to retirement plans by their vendors – and thus, the challenge for employers and employees is to make sure they know what they’re paying. High fees can be a huge drag on long-term investment performance and the ability of employees to retire. As...
Read more →Follow the Rules to Collect Valuable Tax Breaks Owning a vacation home can be expensive and many owners rent out the property to help pay expenses and benefit from some tax breaks. But to get those tax benefits, you must be careful how the property is used. A vacation home’s value as a tax...
Read more →Business owners face a constant balancing act when it comes to deciding how much cash to keep in their regular checking accounts. On one hand, the money in these accounts is available in case of an emergency or great business opportunity. But on the other hand, banks are prohibited by law from paying interest...
Read more →We all know we should rebalance our portfolios periodically to ensure they stay in line with our targeted asset allocation. Why, then, is it so difficult for us to do this? The primary reason is that rebalancing goes against our basic instincts. With rebalancing, you are generally selling those investments performing well to purchase...
Read more →Employers often must walk a fine line when interviewing and hiring job candidates. Specifically, they must be careful during the process of conducting a thorough background check so that they don’t discriminate against applicants seeking employment. Increasingly, discrimination issues are being raised when employers ask job applicants to provide information about any criminal convictions or...
Read more →Here’s a tax break you might not have considered: Your business could be eligible for a tax credit for money you spend to meet the requirements of the Americans with Disabilities Act. The law requires companies with 15 or more employees to make reasonable accommodations in the workplace for employees with disabilities. (Reasonable accommodations must be made...
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