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 ...
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
Are you an employee who owns your corporate employer’s stock inside a company 401(k), employee stock ownership plan (ESOP); proﬁt sharing plan, or other qualiﬁed employer-sponsored retirement plans?
If so, you should start thinking about what to do with the stock when you retire or leave your employer. Your decision can have big tax consequences.
Most people don’t think about it and simply roll the assets from their employer retirement plan into an IRA or a 401(k) with their new employer (if they’re changing ...