Some notable benefits of establishing a SIMPLE IRA plan for employees include: Like other types of employer-sponsored retirement plans, SIMPLE IRAs allow employee participants to defer part of their salaries on a tax-deferred basis. Contributions can be made through payroll deductions. SIMPLE IRA ...
“Safe harbor” 401(k) plans and “SIMPLE” IRA programs provide the same tax advantages as their big brothers (immediate deductions for contributions and deferred taxation for participants), but have the added benefit of avoiding some of the nondiscrimination rules that apply to traditional ...
The SIMPLE IRA plan is an easy-to-administer retirement plan that helps you provide an important benefit to your employees: both you and your employees can have access to the advantages of pretax savings and tax deferral. Which Employers Can Establish a SIMPLE IRA Plan? A SIMPLE IRA plan ...
While the ultra-wealthy may have access to sophisticated tax strategies, there are plenty of ways for the rest of us to reduce taxable income and keep more money in our pockets. From contributing to retirement accounts like a 401(k) or IRA to maximizing tax credits and deductions, even smal...
What is a SIMPLE IRA? How do I report property and investment income? I sold my home for a substantial profit. How is it taxed? I sold my house for a loss. Can I deduct it? What are capital gains? What is the tax rate on capital gains? What’s the difference between a long-ter...
The tax code provides for several types of tax-advantaged retirement plans, such as the IRA. More complicated plans can be offered by employers to their employees. The most common types of these plans are based on the 401(k) plan, named for the section of the tax code governing it, ...
These deductions reduce your taxable income by the amount of interest you pay. If your tax rate is 30%, it technically means your mortgage interest is 30% cheaper because it’s pre-tax. Paying Off Your Mortgage Strategically For the same reason we use thesnowball or stacking methodto pay ...
What is a SIMPLE IRA? How do I report property and investment income? I sold my home for a substantial profit. How is it taxed? I sold my house for a loss. Can I deduct it? What are capital gains? What is the tax rate on capital gains? What’s the difference between a long-ter...