MLR

Category: Retirement

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

There are quite a few different types of retirement plan options that cater to the particular needs of businesses of varying sizes- from the self-employed individual to large enterprises.  Three retirement plan options stand-out depending on what you want to accomplish with your plan and how much flexibility you need. These are: 401(k) plans, SEP IRAs, and SIMPLE IRAs.

For most Americans, Social Security is essential for financial independence during retirement. However, some soon-to-be retirees who plan to draw Social Security aren’t fully aware of its financial scope and their rights under the Social Security Administration. This article includes five points that all retirees should know.

Here’s a look at some of the more important changes in the Tax Cuts and Jobs Act that affect retirement plans. Except with regard to the disaster-related provisions (which contain special effective dates), the changes are effective for tax years beginning after 2017.

If you have limited funds to invest for retirement, you may be wondering whether to fund your 401(k) plan or a Roth individual retirement account (IRA).

Categories:

Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half” to make sure everyone knows they’re closer to the next age than the last.

Categories:

Only 18% of individuals 55 and older say they are “very confident” they will have enough money to live comfortably throughout their retirement years.

Successful estate planning generally involves passing on your assets to your heirs at a low tax cost. To help achieve that goal, there are a few things to keep in mind about retirement accounts

Categories:

The average credit card balance in March 2014 was $15,252, down from its peak of $19,000 in early 2009. With the average credit card annual percentage rate sitting at 14.95% it represents an expensive way to fund spending.

Categories:

When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — medical practice partnerships must follow essentially the same federal income tax rules as other employers.

For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and for any reason, but it’s important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you’ll owe regular income tax on the amount. In addition, the taxable portion of a withdrawal taken before age 59 1/2, which is called an “early withdrawal,” will be hit with a 10% penalty — unless you qualify for an exception.