• Business owners can sock away a maximum of $54,000 in a SEP-IRA or $12,500 in a SIMPLE IRA. • If you're 70½ and don't need your required minimum distribution, give it to charity. If you want to save money, dust off your 2016 tax return. Back in April, after your preparer filed your Form [...]
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Almost half of Americans die nearly broke Americans aren't known for being great savers. In a recent GoBankingRates study, 69% of adults admitted to having less than $1,000 in the bank, while 34% said they actually don't have any savings at all. But apparently, this collective lack of savings doesn't get all that much better [...]
5 things to give up if you want to be debt-free Debt is easy to rack up — but hard to pay off. That's why it's no surprise that Americans surpassed $1 trillion in credit card debt last year, the highest level since the Great Recession. However, if you're willing to buckle down, becoming debt-free, and doing it [...]
Why you shouldn't expect much from Social Security Social Security provides the foundation for retirement plans for millions of Americans, but that foundation is in seriously bad shape. According to the program's own trustees: It's already spending more cash than it takes in through taxes today, By 2020, its trust funds will start depleting, and [...]
Accounting tips for small businesses Accounting is one of the necessary tasks of any successful business, however monotonous it may be. Properly managing your business accounts helps you make sure you’re not losing unnecessary money, that your employees are getting paid, taxes are being filed, and more. To keep your business out of the weeds [...]
3 Social Security surprises that may leave money on the table Almost a quarter of future retirees who expect to receive Social Security either guess or don't know how much their benefits will be. Newslook Even if your retirement is years away, it's a good idea to periodically check in on your Social Security benefits. Why? To [...]
Backdoor IRAs: Another way to save on taxes in retirement Unless you've filed an extension with the Internal Revenue Service, the 2016 tax year is now history. You're probably ready to take a break from thinking about taxes at all, but there is no time like the present to consider how you might save on [...]
Why your 401(k) can be a cash drain Everyone's heard of stretching to buy a McMansion and becoming "house poor." But what about saving too much for retirement and ending up "401(k) rich and cash poor"? Don't snicker. It can and does happen — often to investors with both good savings habits and good intentions for their financial future. These model savers later [...]
Life coach and author notes that 92 percent Americans don't know the costs involved with their 401(k) plan — and 72 percent believe they're not paying anything. A 1 percent fee cut can help money last 10 additional years in retirement. Fees can slash retirement savings by as much as 60 percent. Best-selling author and life coach Tony [...]
If you're sitting on a huge pile of student debt and think your loan interest deduction will save you loads on taxes, think again. That because borrowers are permitted to deduct only a portion of the interest they've paid on educational debt. And it phases out if you make too much. As long as you've [...]