MLR

Category: Wealth Advice / Estate Planning

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.

 

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This brief article defines the NII tax and urges you to explore strategies for reducing it if you must pay it.

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.

Tax season is underway. This means many elderly people will become targets for financial manipulation. Scam artists are always on the prowl for financial data, and they know the elderly population is easy to take advantage of. Whether you happen to be a senior yourself or you have an elderly loved one who needs protection, here are five tips can help you avoid elder financial abuse.

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.

Ten years ago in September 2008, the global economy stood on a precipice and quickly slid into the worst recession since the 1930s. In fact this period has since been named The Great Recession.

Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $17,040 in 2018 (up from $16,920 in 2017), you lose $1 in Social Security benefits. In the year you reach full retirement age, a higher earnings threshold applies.

In her will, American businesswoman Leona Helmsley left $12 million in a trust fund to her dog Trouble (who died four years after she did). Helmsley’s four executors were responsible for seeing that her wishes were carried out.

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).

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

If you are one of the many Americans who are in a second marriage, you may need to revisit your estate strategy.