Wednesday, November 29, 2017
If you're considering using funds from your retirement plan to build a home, understand the tax rules. You may use up to $10,000 of your IRA per person to purchase a first home and avoid paying the 10 percent early withdrawal penalty. If these same funds are pulled out of a 401(k) plan you could be subject to an additional federal tax of up to $1,000. Roll the funds to a traditional IRA first and save the tax. Contact our office at (518) 798-3330 if you have questions about tax penalties and your retirement plan.
Tuesday, November 21, 2017
It's time to review your documentation to secure tax deductions, credits or other tax benefits. Examples of tax breaks that require meticulous recordkeeping include charitable donations, travel and entertainment expenses, vehicle mileage and business use of your home. You may also want to retain bank statements to substantiate estimated tax payments and expenses that you can claim as itemized deductions.
Friday, November 10, 2017
Your business tax return could look a lot different depending on the circumstances of employee meals. Find out why and what you can do to get the most bang for your tax buck.
Tuesday, November 7, 2017
Do you have too much of your employer's company stock in your 401(k) or other retirement plan? It's time to find out if you've made a smart or risky move.