Frazer LLP Blog

Retirement Savings for the Self-employed

Nov 6, 2017 2:35:00 PM / by Jonathan Smeragliuolo, CPA posted in Retirement Planning, SEP, Self Employed

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Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. So whether you’re a “full-time” independent contractor or you’re employed but earn some self-employment income on the side, consider setting up one of the following types of retirement plans this year.

Which retirement plan is right for you? Please contact us. 

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How can a cash balance plan turbocharge retirement savings?

Oct 31, 2017 11:10:27 AM / by Christopher Pham, CPA posted in Retirement Planning, Cash Balance Plan, Savings

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Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan.

Please contact us to learn more about a cash balance plan. 

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Increase Your 401(k) Contributions Before Year End

Sep 25, 2017 11:03:26 AM / by Kaylene Edwards, CPA posted in Retirement Planning, 401k

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One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step.

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2016 IRA contributions: there's still time!

Mar 21, 2017 1:41:22 PM / by Cindy Lim, CPA posted in Tax, IRAs, Retirement Planning

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Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea.

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Retirement Plan Contribution Limits for 2017

Mar 7, 2017 11:55:06 AM / by Jane Warren, CPA posted in Retirement Planning

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Retirement plan contribution limits are indexed for inflation, but with inflation remaining low most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000.

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Contribute to your IRA by April 18, 2016

Mar 23, 2016 12:13:00 PM / by Cindy Lim, CPA posted in Tax, IRAs, Retirement Planning

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Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good idea to use up as much of your annual limits as possible. Have you maxed out your 2015 limits?

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