Archive - July 26, 2011

1
Why An Individual 401k May Be The Best Retirement Plan For Small Business Owners
2
Five Tax Scams to Avoid
3
How To Plan For Your Social Security Benefits

Why An Individual 401k May Be The Best Retirement Plan For Small Business Owners

If you’re self-employed or own a small business, you’ve probably considered establishing a retirement plan. If you’ve done your homework, you likely know about simplified employee pensions (SEPs) and savings incentive match plans for employees (SIMPLE) IRA plans. These plans typically appeal to small business owners because they’re relatively straightforward and inexpensive to administer. What you may not know is that in many cases an individual 401(k) plan may be a better deal for you. An individual 401(k) plan is worth considering if you’re looking to set up your first retirement plan or increase tax-preferred savings.

What is an individual

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Five Tax Scams to Avoid

The IRS recently published their list of Five Tax Scams to Avoid This Summer (IRS Summertime Tax Tip 2011-08) – but I’d say summer or not you should avoid these:

Hiding income offshore, identity theft and return preparer fraud topped the IRS’s list of tax scams in 2011. The Internal Revenue Service issues an annual list of the top 12 tax scams, known as the “Dirty Dozen.” These scams are illegal and can lead to significant penalties and interest and possible criminal prosecution.

Here are five year-round scams every taxpayer should know about.

1. Hiding Income Offshore The IRS aggressively …

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How To Plan For Your Social Security Benefits

Once considered the un­touchable “third rail” in politics, talk of reforming Social Security is now on the table. Not that much is being accomplished at this time aside from casting blame and using scare tac­tics, but it does seem that at long last we may see some real reform to keep the system liquid.

Benefit Cuts Are Imminent

Surprisingly, even AARP announced support for cuts in benefits, as long as they take place gradu­ally over a long period of time and don’t affect seniors already receiving benefits. So with changes likely to come, should you grab your benefits while you …

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