IRA and Retirement Plan Limits for 2020

As we move into 2020, let’s take a moment to consider the updated thresholds for retirement plan funding. IRA contribution limits The maximum amount you can contribute to a traditional IRA     or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for […]

Could a Health Savings Account Help Strengthen Your Retirement Plan?

By one estimate, a 65-year-old couple who retired in 2019 may need about $300,000 in savings to pay their health-care expenses in retirement. This includes premiums for Medicare Parts B and D, supplemental (Medigap) insurance, and median out-of-pocket prescription drug expenses, but not other health expenses such as long-term care, dental care, and eye care.1 […]

Data Breaches: Tips for Protecting Your Identity and Your Money

 Large-scale data breaches are in the news again, but that’s hardly surprising. Breaches have become more frequent — a byproduct of living in an increasingly digital world. During the first six months of 2019, the Identity Theft Resource Center (ITRC), a nonprofit organization whose mission includes broadening public awareness of data breaches and identity theft, […]

Dec 2018 and Jan 2019: Filing Season Dates and Deadlines

The 2019 Tax Filing Season is just around the corner! Here are a few important dates for planning purposes as we move into December 2018 and January 2019:   DECEMBER 2018   December 17 Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in November if the monthly […]

Profit Sharing and Your Small Business

Business owners who want to sponsor a retirement plan for employees (including owner-employees) have many options from which to choose. Knowing the basics can help entrepreneurs make the best decision. One choice is a “profit-sharing” plan. Despite its name, your company doesn’t need to tabulate its earnings every year and divide that amount among its workers. Instead, […]

The “Other” Exchange Traded Fund

Exchange-traded funds (ETFs) have become popular in this century, due largely to relatively low expenses and tax efficiency. As the name indicates, ETFs trade like stocks, on an exchange, as opposed to mutual funds, which typically are bought from and sold to the sponsoring company. Often, ETFs track a particular market index. Less publicized these […]