If you and your spouse have a small business (Single LLC, Sole Proprietorship, C or S Corporation) you can have a 401K plan just like the big boys. It is easier to administer than more complicated plans and gives you investment flexibility that the larger plans may not have. See this article in the Christian Science Monitor by Dmitriy Fomichenko for a more detailed view of this popular retirement vehicle: http://echo4.bluehornet.com/ct/49498606:28261600621:m:1:2505976388:9ABC5AF8F414455EDE3217C0F352FD67:r This is definitely an improvement over a Roth or regular IRA as the contribution limits are larger ($17,500 employee deferral in 2014 for you AND your spouse, up to 100% of compensation, and an additional 25% employer contribution of compensation up to a max of $34,500 each) so you could put away $104,000 if you each take a salary of $134,000. Plus the $17,500 can be a Roth component without the AGI limitations of a Roth IRA, so for high income people it is a great way to go to sock away money for retirement. For financial, accounting and tax musings, You can count on us to count for you! Email:bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: Does Treasury Inspector General Foretell a Smooth Tax Season for 2015?
Well, how did the IRS do in 2014 for the 2013 tax season, with the budget cuts and the government shutdown at the end of last year. Take a look at this post in AccountingWeb by Ken Berry for more details on how last tax season went: http://www.accountingweb.com/article/does-tigta-foretell-smooth-tax-season/224038 As the article says, the Treasury Inspector General for Tax Administration (TIGTA) gave the IRS a pretty good rating for last year. On the bad side, less people were helped by the IRS by telephone and at their Taxpayer Assistance Centers, mainly because of the above mentioned budget cuts. There is still a lot of room for improvement, but no reason to think that next tax season should be any less smooth. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: Comparing the 2013 and 2014 Federal Tax Brackets
Well, here they are: the new and improved tax rates of the IRS for 2014! Everyone jump up and down (anybody?) Ok then see this article from Bankrate.com to compare 2013 rates with 2014: http://www.bankrate.com/finance/taxes/tax-brackets.aspx You may not be happy as a clam over these rates, but at least you can plan for how much tax you may owe. (Be still, my heart!) Working with your tax preparer will give you a better idea of how much of a refund you will get, or how much tax you will owe (gasp!) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa