Income thresholds for Roth IRA contributions rise in 2025, while some older workers can boost catch-up contributions.
Employees of various non-profit organizations, such as schools and other tax-exempt organizations, can benefit from enrolling in a 403(b) plan, officially known as a tax-deferred annuity. Find out how these plans may benefit you.
Employee contributions to a 401(k) are deferred for federal income tax and most states income tax, but are subject to FICA taxes. IRA contributions, on the other hand, are withheld on a post-tax basis.Job-related expensesIf your employees are unionized, they’ll likely have to pay for ...
Similarly, aSIMPLE IRAoffers an easier way to set up a retirement plan with reduced reporting requirements. It too offers less flexibility in employer contributions and does not offer vesting. Also important to note, the amount an employee contributes to a SIMPLE IRA from their salary cannot exce...
Companies can offer a number of perks to their employees, from matching 401(k) contributions to offering discounted gym memberships. If it's a publicly traded company, you may get stock perks like an employee stock purchase plan, or ESPP. “Companies can use an ESPP to help participants ...
1099 deadlines.The IRS requires that certain information returns, such as the 1099-NEC, 1099-K and 1099-INT, be issued or mailed by Jan. 31. This means, for example, if you earned a certain interest income in 2024 or are a freelancer who made $600 or more in nonemployee earnings, yo...
TurboTax Free Editionis a great option if you have a simple return and can use the free edition, which has an intuitive interface and can be used for both state and federal filing. For more complex returns,TurboTax's paid plans are on the pricier side. But its generative AI-powered assist...
If your business has employees, you can set up a Savings Incentive Match Plan for Employees (SIMPLE) IRA. This plan provides an easy way to contribute to your retirement and that of your employees, while lowering your taxable income. An employee can contribute up to $15,500 if they’re ...
Any growth in the value of your annuity is not taxable as long as the money remains in your account.8 Expenses Can Add Up Layers of fees can obscure an annuity’s total cost and reduce how much it pays out. Before buying an annuity, it’s important to understand what you’ll have to...
Rollover Horrors: The rules for moving IRA funds seem so simple. So why are there so many errors?Slott, Ed