The Pension Protection Act of 2006 created a hybrid retirement plan called the Defined Benefit 401(k), which combines a defined benefit plan, based on final average pay with a safe-harbor 401(k). This plan becomes available January 1, 2010. For more information on the specifics of this plan, read this C.P.A. Insight
Companies can choose from several different types of retirement plans, each with a varying levels of complexity and involvement in the way of employer contributions. For more information on the contribution limits and requirements for several common plans, read this C.P.A. Insight.
SIMPLE plans have eligibility and contribution requirements like most other employer-sponsored retirement plans, however, they allow employees to save a generous amount for retirement. For details on the types of SIMPLE plans and some of the rules that govern them, read this C.P.A. Insight.
After 2012, the floor on deductible medical expenses increases for most taxpayers to 10% of AGI. Learn more in this week’s Tax Tip.
The following is a compilation of a number of tax breaks available to self-employed individuals and/or small business owners. Some can be implemented before year’s end, providing benefits for your 2011 return, while others will provide planning opportunities for 2012.
The IRS announced the standard business use of auto mileage rate is 55.5 cents per mile for 2012. See additional rates in this Tax Tip.
If you pay on a mortgage but your name is not on the loan document, you may not be able to deduct mortgage interest. Read this Tax Tip for more info.
Tax expert Marian Macleod-Elliott, C.P.A. joins “Money Talks” to discuss the expiring tax provisions for individuals.
The Henssler Financial research analysts tackle listeners’ questions on custodial accounts, the FICA tax and consumer sentiment.
With about a month left in the year, there is plenty you can do to improve your tax situation. Read this Tax Strategist for more.
