Retirement

Is a SEP-IRA or 401(k) Better?

Self-employed people can feel like they’re at a disadvantage when it comes to saving for retirement. Without an employer-sponsored retirement plan, it’s up to you to open a retirement account and put money away. For that reason, many small business owners wait until the business is consistently earning healthy profits to start saving for retirement. …

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Avoid early IRA withdrawal penalties by using the 72(t) rule

Have you been saving for your retirement? If you’re making a high enough income, you’re likely building up healthy retirement savings. If you’ve also been receiving a match on your contributions from your employer to a 401(k), you’re likely doing even better. But regardless of which retirement accounts you’re using, you’ll face the hefty 10% …

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Step-by-step tutorial of the Mega Backdoor Roth through Fidelity Investments

I am always looking for ways to put more money into my retirement. Chris and I currently have 10 (yes ten!) retirement accounts with a mixture of pre-tax and post-tax accounts. Each account has its own unique set of rules, contribution amounts, and investment strategies. For example, Chris, at his neurosurgical practice, has a 401k …

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Impact of Death, Retirement, and Disability on the 179 Deduction

What tax effect would death, retirement, or disability have on you or your business? Here’s an easy example to illustrate. Let’s say that in 2017, you purchased for business use a pickup truck with a gross vehicle weight rating greater than 6,000 pounds. Asserting that you use the pickup 100 percent for business, you expensed …

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