Archive - September 20, 2010

1
Manage Taxes Successfully As a Small Business Owner
2
The Truth About the New Health Reform
3
Dipping Into Your Retirement Savings Before You Retire

Manage Taxes Successfully As a Small Business Owner

Article in Summary

  • Small business owners are responsible for 15.3% of self-employment tax
  • The IRS requires the self-employed to make estimated payments
  • Pre-tax retirement contributions will reduce taxable income

In my last article advising small business owners I discussed how to run a small business from a managerial standpoint. While those issues are imperative for success for the business, there is another aspect to becoming a successful small business owner: managing taxation! If a small business owner owns a flourishing business but bobbles personal taxes or business taxes, the business will ultimately suffer and probably die.

Self –Employment Tax

Most …

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The Truth About the New Health Reform

The health-care reform legislation that passed earlier this year was incredibly broad in scope, so it’s probably not surprising that there’s a good deal of confusion, and a number of false or misleading claims being circulated.  Here’s the truth behind two of the claims that have gained the most traction lately.

Tax on Health Insurance

The claim: Beginning in 2011, you’ll be taxed on the value of your employer-provided health insurance.

There are several email campaigns making their way around right now claiming that, beginning in 2011, taxable income on Forms W-2 will be increased to reflect the value of …

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Dipping Into Your Retirement Savings Before You Retire

Article in Summary

  • Money in a Roth IRA can be withdrawn without penalty
  • Traditional IRA early withdrawals face stiff tax penalties
  • One way to avoid an early withdrawal penalty is to take what is known as a 72(t) withdrawal

We are well advised and encouraged to put money into our retirement accounts and treat it like the proverbial “lockbox” until retirement. But with the difficult economy, many people have had to tap into those funds to survive, often facing a tax hit made worse by the 10 percent early withdrawal for those under age 59 ½. While not recommended except …

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