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Recent blog posts

How Does An ESOP Work As A Retirement Plan?

Posted on in Tax

ESOP - Employee Stock Ownership Plans.  As the title indicates, an ESOP is a process for transferring ownership of the company to employees. How does that work as a retirement plan?

Last modified on

Thinking of Buying a Vacation Home?

Posted on in Tax

Though winter managed to hit us with one last, dizzying storm Stella, many of us were inside earlier this month dreaming of summer. Many people are planning vacations now for later this year.  At this time, you might be weighing the purchase of a second home specifically for vacations. Here are some of the issues to think about, so you can make a well-reasoned decision.

Last modified on

Dealing With An IRS Audit

Posted on in Tax Records

It's important to know what to expect if you are audited. Furthermore, understanding your options may help you proactively address the risk and to assess how to administer benefit plans to your employees. 

Traditional defined benefit plans, structured to provide a lifelong pension, have become rare in the private sector. They’re still the norm for public sector employers; some large companies continue to offer plans. Ironically, these plans might be a good fit for extremely small companies. A possible prospect could be a business or professional practice with one or two principals who are perhaps 5–10 years from retirement, with a few employees who are younger and modestly compensated.

Last modified on

Is a Pension Plan Right for Your Small Business?

Posted on in Healthcare

Traditional defined benefit plans, structured to provide a lifelong pension, have become rare in the private sector. They’re still the norm for public sector employers; some large companies continue to offer plans.
Ironically, these plans might be a good fit for extremely small companies. A possible prospect could be a business or professional practice with one or two principals who are perhaps 5–10 years from retirement, with a few employees who are younger and modestly compensated.

Last modified on

Expensive Custodial Care Alternatives

Posted on in Tax

If you or a loved one ever need help with daily living activities, you will discover that custodial care can be expensive. That’s true whether the care is provided at home, in an assisted living facility, or in a nursing home, and it’s especially true if care is needed for many years. Long-term care (LTC) insurance is available, but insurance companies have learned that these costs can be steep. Premium increases for LTC insurance are in the news (for example, some press reports tell of cases where premiums have tripled in the last three years), and some insurance companies have dropped out of this business. Consumers face the prospect of paying thousands of dollars a year, every year, and never getting any benefit at all if it turns out that custodial care is not needed.

Last modified on

After-Tax Dollars in Traditional IRAs

Posted on in Tax

Workers under age 70½ can deduct contributions to a traditional IRA, as long as they are not covered by an employer’s retirement plan. The same is true for those workers’ spouses. If these taxpayers are covered by an employer plan, they may or may not be able to deduct IRA contributions, depending on the taxpayer’s income. However, all eligible workers and spouses can make nondeductible contributions to a traditional IRA, regardless of income. Inside a traditional IRA, any investment earnings will be untaxed.

Last modified on