A SEP IRA offers employers and their employees a tax-friendly way to save for retirement. As it currently stands, with a traditional IRA you can contribute $6,500. This is a decent amount of money. However, with a SEP IRA you can place nearly 10 times that amount in your account during the current tax year. That's upward of $66,000 per SEP IRA.
Trusts are legal arrangements that ensure the administration of a deceased person's assets align with what they would have wanted. Additionally, trusts work on behalf of your beneficiaries in your absence.
As the name suggests, flood insurance is a type of insurance policy that will pay out if your home is damaged by flood waters.
The Inflation Reduction Act offers the potential to save when you make energy-efficient upgrades to your home. Eligible improvements include features such as heat pumps, solar panels, and energy-efficient heating or cooling systems. In turn, with these credits, you could possibly save thousands of dollars.
When you want to apply for an SBA loan, you must do so by going through a bank or credit union. Then, the bank or credit union applies to the SBA for a loan on your behalf. This application process is intended to obtain a loan guarantee, meaning if you end up defaulting on an SBA loan you’re approved for, then the government will pay the lender the guaranteed amount on your behalf.
In addition to regular paychecks, employees receive another payroll document from the company they work for. That document is known as Form W-2. This important document provides a comprehensive overview of their income, including both gross income and taxable wages.
If you have an IRA, you are required to take out a certain amount of money each year once you reach age 73, even if you don't need the funds. This is known as a required minimum distribution and it can increase your taxable income, potentially pushing you into a higher tax bracket.
As a digital nomad, you'll work remotely from your computer, smartphone or other form of mobile technology. In the process, you'll work from wherever you can rather than consistently living in and working from your home.
An unorganized and inefficient payroll process is a recipe for eventual disaster. If you rely on paper processes, both manual data entries and a massive number of spreadsheets can yield more errors than most people realize.
State and local tax issues are a big part of a company's tax liability. In fact, they are so impactful that a lot of companies actively decide to relocate to states that are regarded as low-tax states by the Tax Foundation, such as Florida, Nevada and North Carolina.
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