Monday, December 29, 2014

IS YOUR BUSINESS USING PART-TIME WORKERS?


Recent job statistics indicate that more employers are using part-timers to deal with variations in workload and for short-term projects. Here are a few tips your business will find useful if you hire part-time workers.

* Communicate clearly with the part-timer. Explain the person's duties, the hours and benefits, and the individual to whom the part-timer will report.

* Tell your full-time staff why you're hiring the part-timer. Make it clear what that person will and won't be expected to do.

 * Provide introductory training for the part-time worker. Assign someone the new person can turn to with everyday questions.

* Monitor the part-timer's progress. Provide feedback on performance and recognition for doing a good job.

Pay attention to these points if you want hiring part-time workers to be a good choice for your company.

Friday, December 26, 2014

WOMEN AND RETIREMENT


Women need to save more for their retirement than men do. Statistics show that women live longer than men, but earn less than men during their working years (which are often fewer due to time taken off for child rearing). According to the Census Bureau, 57% of the population over age 65 are women, and 70% of older people living in poverty are women.

Tuesday, December 23, 2014

CONSIDER A ROTH FOR RETIREMENT SAVINGS


Using a Roth IRA for retirement savings means you won't get an upfront tax deduction for contributions. But withdrawals in retirement are completely tax-free provided you meet the age and time requirements. Also, you don't have to start taking minimum distributions at age 70½ as you do with other plans.

Friday, December 19, 2014

RETIRING FROM INCOME TAXES?


Full retirement doesn't end your income tax obligations. You'll owe income taxes on withdrawals from a traditional IRA or 401(k) plan, and you'll owe taxes on investment income outside your retirement plans (interest, dividends, capital gains, etc.). Also, if your income exceeds a threshold amount, you could owe taxes on your social security benefits.

Tuesday, December 16, 2014

RETIREMENT AND TAXES


If you continue working past age 70, you can still add to a 401(k) or Roth IRA, but not to a traditional IRA. At age 70½, you must start withdrawing from a traditional IRA, and unless you're still working, from a 401(k) plan. There is no age requirement for starting withdrawals from a Roth IRA.

Wednesday, December 10, 2014

UPDATE YOUR BENEFICIARY DESIGNATIONS

Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can't remember, you're not alone. But it's worth checking.

Thursday, December 4, 2014

SELF-EMPLOYEDS GET TAX BREAKS

When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks.

Monday, December 1, 2014

TAX TIP FOR NOVEMBER 2014

Consider a health savings account (HSA). Investing in an HSA gives you a current-year tax deduction while providing a savings account to use to pay out-of-pocket medical expenses currently or in the future. An HSA is not a "use-it-or-lose-it" plan. Any funds in the plan at year-end can be used in future years. Be aware that you can fully fund your HSA up to April 15 of the following year.