If you answered no, you may want to consider the benefits to you and your employees a retirement plan can offer. A few of these benefits are a tax deduction for your contributions, the assets grow tax-free with compounding interest, and it is another benefit you can offer to attract and retain better employees.
IRS New Voluntary Disclosure
The Internal Revenue Service announced on February 8, 2011, a new voluntary disclosure initiative to encourage individuals with undisclosed income from hidden offshore accounts to get current with their federal tax obligations.
Mortgage Interest And You
The mortgage interest deduction has become one of the most popular itemized deductions on personal income tax returns. As home prices and home mortgage loans have dramatically increased, many people mistakenly believe that all home mortgage interest is deductible.
Selling Your Residence?
If you own your home, but are getting ready to sell, there are some tax exclusions you may need to be aware of.
Small Businesses Optimistic About Growth
The results of a recent survey show that small businesses are poised for progress.
New Information for Establishing Operating Reserves
Operating Reserves can be quite complex. The words “operating reserves” can mean many things to many different people, and the first thing that must be done is establishing the definition and the expectations of the stakeholders.
New Requirements For Rental Property Owners
If you are an owner of rental property, you may need to know about some changes that will be part of 2011 filing requirements.
What Do You Need To File A Tax Return
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back? Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
President Signs Tax-Cut Package
President Obama on December 17 signed legislation extending all 2001 and 2003 tax cuts for two years following months of contentious debate with Congress over whether to make the Bush-era tax breaks permanent.
Retirement Plan Credits
There are credits that are available for both businesses and individuals who operate or participate in a retirement plan. Small businesses can receive a credit of up to $500 a year for the first three years for starting a new pension plan, and individuals can receive up to a $2,000 credit each year for contributing to a pension plan.