The Financial Independence, Retire Early (FIRE) movement is a hot trend among Millennials. The idea is to make money fast, save it and grow it quickly to retire as early as possible. This approach requires sacrifices. FIRE advocates recommend living… Read more »
Read Full Newsletter »Fill up your 2024 IRA If you forgot or didn’t have the resources to contribute the maximum amount to your IRA or Roth IRA plan in 2024, there’s still time! Eligible participants have until April 15, 2025, to contribute as… Read more »
Read Full Newsletter »Profit-sharing plans (PSPs) have been around for decades. Employers may use them to attract and retain workers and incentivize employee productivity. However, PSPs have gradually faded into the background as 401(k) plans gained popularity. In today’s tight labor market, some… Read more »
Read Full Newsletter »If you’re establishing or buying a business with one or more other co-owners, consider implementing a buy-sell agreement to prevent unwanted ownership changes and ensure business continuity if an owner withdraws or dies. A properly drafted agreement can make your… Read more »
Read Full Newsletter »Buy Sell Agreements, Taxes for Businesses, Taxes for Businesses with Co Owners
Tax-deferred retirement plans, such as traditional 401(k)s and IRAs, were designed to make building up a retirement nest egg easier. So they’re structured with both carrots (tax-deferred compounding in the account) and sticks (taxes and sometimes penalties on withdrawals) to… Read more »
Read Full Newsletter »One of the most common misconceptions about filing an income tax return is the distinction between deductions and credits. Deductions lower a taxpayer’s taxable income before the tax is calculated. For instance, on an individual return, you can either claim… Read more »
Read Full Newsletter »Federal Tax for Individuals, Tax Credits, tax deductions, VWC CPA's