3 results for tag: Retirement Plan

2022 Last-Minute Year-End Retirement Deductions

The end of the year is near, so this week I'll speak to your Year-End Retirement Deductions since your retirement is one year closer as your clock continues to tick. The good news is that you still have time before December 31 to take steps that will help you fund the retirement you desire. You might find several thousand dollars (and maybe much more) in your pocket by taking the actions in this article pertaining to your Year-End Retirement Deductions. But you’ll need to act now to get the cash. Big Picture Here are the four opportunities we explain in this article: Establish your 2022 retirement plan before December 31 so ...

SEP-IRA vs Solo 401(k): Which Should You Choose?

Parts of this article are published with permission from Bradford Tax Institute, © 2022 Daniel Morris, Morris + D’Angelo One way to multiply your net worth is to let the government help. Hereʼs How: With both the SEP IRA and the solo 401(k) retirement plans, your investment in your tax-favored retirement Creates tax deductions for the money you invest in the plan, Grows tax-deferred inside the plan, and Suffers taxes only when you take the money from the plan. Example: You invest $1,000 a month in your retirement. You are in the 40 percent tax bracket (combined federal and state), and you earn 10 percent on your investments. At the ...

2020 Last-Minute Year-End Retirement Deductions

Your Retirement Clock continues to tick; all of a sudden, your retirement is one year closer. You have time before December 31, 2020, to take steps that will help you fund and build the retirement you can look forward to. Please take a few minutes to review our thoughts and recommendations for your Retirement Plan Tax-Reduction. There might be several thousand dollars (and maybe much more) in your pockets by taking the Actions that we recommend in this article. But you'll need to act now to be rewarded. The Big Picture: Think About Tomorrow Today 1. Establish Your 2020 Retirement Plan First, a question: As you read this, do you ...