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. …
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 …
Impact of Death, Retirement, and Disability on the 179 Deduction Read More »
Roth IRAs tend to get a lot of hype, and for good reason: because you pay the taxes up front, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these below) are completely tax-free. While we like “tax-free” as much as the next person, there are times when a traditional IRA will …
Roth IRA versus Traditional IRA: Which Is Better for You? Read More »
