Solo 401(k) Plans: A Retirement Plan Option For One-Person Businesses
Many business owners have considered 401(k) plans to be retirement plans for large companies. Though there is no requirement to have a certain number of employees to establish a 401(k) plan, the high costs of setting up and administering a 401(k) have made these plans unappealing to small businesses. Now, one-person businesses are discovering that 401(k) plans are worth another look.
Need A Copy Of Your Tax Return?
Retaining copies of your federal tax return is important. Not only will you need the return in case of an audit, but the tax return is often used to secure student aid, obtain loans, purchase a home or business, plus much more. What can you do if you cannot find a copy of your tax return?
Discuss Money Before You Marry
Couples often enter into marriage without ever having had a serious discussion about financial issues. As a result, they find themselves frequently arguing about money. If you are planning a wedding, here are some steps you can take to get your marriage off to a good financial start.
4 Travel Deal Red Flags to Avoid
Vacation time is fast approaching, and con artists are gearing up. Beware of these four indicators that a travel “deal” is actually a rip-off:
Double Check the Check
Following these tips when you receive a payment from the Federal or State government can save you more headaches than you can imagine.
What You Need to Know About the IRS Scam Epidemic
In a recent keynote address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contacted by someone pretending to be from the IRS. He reiterated that he was not talking about clients, but those sitting in the audience. Well over 50% of the professionals raised their hands. So did the IRS Commissioner.
Toss This. Not That. Post Tax Filing Record Retention
With a sigh, you are relieved that yet another tax return has been sent off to the government. Another 12 months before you need to do this again. But before you close that tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to know:
Some Unemployment Income Is Now Tax Free for 2020
A surprise tax break for 2020 was passed into law last month. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for some and a delay in preparing your tax return for others.
Stimulus Checks, Other Tax Breaks Included in New Legislation
The American Rescue Plan was recently signed into law and includes a third round of stimulus payments and many tax-related provisions. Here are some of the more prominent sections of the new legislation.
Avoid Common Tax Filing Mistakes
With the backlog of tax return filing due to late changing tax laws, want to ensure your refund gets to you in the shortest amount of time? More importantly, how can you avoid receiving a letter from the IRS? Here are some of the most common tax filing mistakes: