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IRA Income and deduction limits 2018.
 
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What you are watching is a blabbering idiot who has become confused about his own notes prepared for this video. For a simple chart of the 2018 IRA income and deduction limits for those that have 401k plans at work visit: http://jazzwealth.com/IRAIncomeLimits We are a wealth management firm that specializes in improving on the traditional buy and hold approach. To use a simple analogy, we do this by treating ones retirement investments as if they were real estate. For more information call us at 727.492.0314 or visit www.JazzWealth.com Facebook https://www.facebook.com/JazzWealth/ Investment related questions 📧 Dustin@JazzWealth.com Business Affairs 📧Carolyn@JazzWealth.com
Просмотров: 3336 Jazz Wealth Managers
Contribution Limits 2017 - How Much Can I Contribute to My Retirement Plan This Year?
 
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How much can you contribute to your 401k, IRA or other retirement savings account this year? Here’s a rundown of the 2017 contribution limits. Download my Pre-Retirement Toolkit: http://bit.ly/WFGToolkit. Scott Weiss is a Fee-Only Certified Financial Planner. Subscribe to my channel: http://bit.ly/scottweisscfp ******************************************** Learn more about working with Scott at Weiss Financial Group Here: http://www.weiss-financial.com ******************************************** Subscribe to my blog: http://www.mahopacmoney.com ******************************************** Get Social -------------------------------- LinkedIn: https://www.linkedin.com/in/scottgweiss Facebook: https://www.facebook.com/WeissFinancialGroup Twitter: https://twitter.com/_scottgweiss ******************************************** Video Notes: ---------------------- How much can you contribute to your 401k, IRA or other retirement savings account this year? A new year brings new opportunities to try and max out your retirement savings. Here’s a rundown of the 2017 contribution limits: IRAs For 2017 they remain the same as 2016: $5,500 for IRA owners who will be 49 and younger this year. $6,500 for IRA owners who will be 50 or older this year. These limits apply to both Roth and traditional IRAs. What if you own multiple IRAs? The total combined contributions cannot exceed the maximum allowed 401(k)s, 403(b)s, & 457s Each of these workplace retirement plans have 2017 contribution limits of $18,000 $24,000 if you will be 50 or older this year. Now, If you are a participant in a 457 plan and within three years of what your employer deems “normal” retirement age, you can contribute up to $36,000 annually to your plan during the last three years preceding that “normal” retirement date. High Earners High earners may find their ability to make a full Roth IRA contribution restricted. This applies to a single filer or head of household whose modified adjusted gross income (MAGI) falls within the $118,000-133,000 range, and to married couples with a MAGI of $186,000-196,000. If your MAGI exceeds the high ends of those phase-out ranges, you may not make a 2017 Roth IRA contribution. (For tax year 2016, the respective phase-out ranges are $117,000-132,000 for single and $184,000-194,000 for married) SIMPLE IRAs & SEP-IRAs In 2017, the contribution limit for a SIMPLE IRA is $12,500; those who will be 50 or older this year may contribute up to $15,500. Federal law requires business owners to match these annual contributions to at least some degree; self-employed individuals can make both employee and employer contributions to a SIMPLE IRA. Both Business owners and the self-employed can contribute to SEP-IRAs. The annual contribution limit on a SEP-IRA is very high – in 2017, it is either $54,000 or 25% of your income, whichever is lower. Sources: --------------- 1. This material was prepared in part by MarketingPro, Inc. Disclosure: ------------------- Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals. Leave me a comment to ask any question or contact me through my website if you'd like to see if I can help you.
Просмотров: 6070 Scott Weiss, CFP
2 Minute Tax Tip S-Corp Retirement Plan Tax Deductions SEP IRA Solo 401K For S Corps & Self Employed
 
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2 Minute Tax Tip on the Best Retirement Plans and Tax Deductions using SEP IRA's and Solo 401K's For S Corporations and Self Employed Small Business Owners ★ Want to set up your own SEP IRA or Solo 401k for your S-Corp? (CLICK☞): https://www.bettermentforbusiness.com/ ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp Business ownership is adventurous, rewarding, and completely confusing. Sure you can come up with the next business idea and change the world with a single event, but how do you organize and run the business side of that idea? Should you set up an LLC and how should it be taxed? Are you prepared to streamline this new business venture and idea? What information should you consider in your business that's meaningful, and when do you implement it? Where do you go to find the best tools possible for your business? How do you save money on taxes? Where do you set up your new company? What technology should you use to make running your business easier? These aren't the things that we learn in school, and chances are you don't have time for trial and error. You're here to make money doing what you love, and I'm here to make that easier for you and absolutely practical. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp In this Bootcamp for Converting to S-Corp (Form 2553), you will walk away with knowledge such as; How do you to properly start your business, ~ Why you should consider S-corporation (Form 2553) for your business venture, ~ How do you properly complete S-Corporation (Form 2553) correctly when you are NOT late in electing, ~ How do you properly complete S-Corporation (Form 2553) correctly when you ARE late in electing, ~ What are the IRS S-corporation expectations and requirement for your S-Corporation (Form 2553), ~ What are the best 2018+ tax reform business savings for my S-Corporation (Form 2553), ~ What are the best business and accounting apps to use to make running a business easier and are there exclusive offers for them through AdvisorFi.com, and much more! ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp By the end of this S-Corp Bootcamp, your business venture will be in tip-top shape to make your dreams and tax savings become reality. You'll have a complete plan for how to set up your business venture correctly that saves you money and time, and rolling out the best technology that will make business ownership as an S-Corporation a breeze! This online course is the first of it's kind and is the beginning of a series of educational online products to be created by Will Lopez, Founder of AdvisorFi. Needless to say, we are excited to show you how successful business ownership is really done. :) ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp =========== ★ Gusto Payroll (CLICK☞): https://gusto.com/r/uBiOb =========== ★ FREE Consultations (CLICK☞): http://meetme.so/freebie =========== ★ Subscribe (CLICK☞): https://goo.gl/o8hRuk =========== ★ Best Playlist (CLICK☞): https://goo.gl/Kvb41h =========== ★ AdvisorFi Team (CLICK☞): http://advisorfi.com/#pricingPlans =========== ★ Xero Accounting (CLICK☞): https://www.xero.com/us/signup/ =========== ★ Please LIKE Comment & SUBSCRIBE (CLICK☞): https://goo.gl/o8hRuk ★ Thanks for watching (CLICK☞): http://AdvisorFi.com ★ Music from YouTube (CLICK☞): https://www.youtube.com/audiolibrary/music ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp 2 Minute Tax Tip on the Best Retirement Plans and Tax Deductions using SEP IRA's and Solo 401K's For S Corporations and Self Employed Small Business Owners #Accounting #Business #Taxes
Просмотров: 526 advisorfi.com
5  Retirement Plan Tax Deductions
 
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Просмотров: 487 Paul Conrad
2017 retirement deduction
 
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Просмотров: 5370 Unisa Taxation
Retirement Planning | Plan Combination | LIC Retirement Pension Plan with Tax benefit | Tax Free
 
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Leader app link to generate PDF for Plan combination - https://play.google.com/store/apps/details?id=com.lic.LICleader1 Here you will get latest Information Related To Insurance , Investments , Mutual funds, saving accounts, current accounts, stock markets, Insurance Advise and also latest updates about financial news etc. ---------------------------------------------------------------------- Also Support On - Subscribe Here :- https://goo.gl/Nj3Yhk Website :- https://goo.gl/k2cCbd Facebook Page :- https://goo.gl/gyt2n5 Google Plus :- https://goo.gl/FjvHMR Facebook Myself:- https://goo.gl/vBCnWx Instagram :- https://goo.gl/9pSPD2 Linkedin :- https://goo.gl/yHeoMA Twitter :- https://goo.gl/svbqvK New Channel - https://goo.gl/f4NKdn Paypal :- akgargofficial@gmail.com ------------------------------------------------------------------- ----------------Videos Playlists-------------------------- Investment Plans Videos - 👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo1XhJaJ27fw_ZG-BZ1Ihaqw ____________________________________ LIC Insurance Plans Videos - 👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo2R7KG_zq7JW6DoJ9VM9-aI ____________________________________ Mutual Fund Videos - 👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo2iTDuu55hSNTrSD1k8Bjit ____________________________________ Children Plans - 👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo1HAVzlC785IyS0BkRKmtVa ____________________________________ Pension Plans - 👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo0NqCIuut7XOpSfmMSOiZhp ____________________________________ Term Insurance Plans - 👇https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo0CrfpuNGkHgdGmm8lXuChB ____________________________________ Plan Combinations - 👇https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo1luKvet-BugOc7wwjiboFk ____________________________________ Money Back Plans -👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo0NpGKeYfPbjdvlw9f__wwf ____________________________________ Star Health Insurance Videos (Medi Claim) - 👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo2f0hmhCYaXDr9aJUacdPEj ____________________________________ Online Facilities Videos - 👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo2bUGPdpTke0HMwAfjpbs7G ____________________________________ Check My all YouTube Videos - 👇 https://www.youtube.com/channel/UCk0jZcRvAxV7NaKodQzjGIg ____________________________________ Important Updates -👇 https://www.youtube.com/playlist?list=PLRWUYJ5ZrQo0l7Lh_NUflQ4zlqEEVsTg- ------------------------------------------------------------- ------------------------OFFERS------------------------ Best Deals on Amazon - http://amzn.to/2D34pdw Best Deals on Flipkart - http://fkrt.it/BADsdTuuuN ------------------------------------------------------------- My Gears- Mic - http://amzn.to/2zUMeFs Camera - http://amzn.to/2EgORDS Writing Pad -http://amzn.to/2DJJktc Laptop - http://amzn.to/2trtNJP Tripod - http://amzn.to/2Iad5C6 ------------------------------------------------------------- ------------------------------------------------------------- For Business Related - (Sponsorships - Collaboration) E-Mail @ akgargofficial@gmail.com
Просмотров: 29688 Unlimited Gyan
Social Security Earnings Limit: 2018
 
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If you are under Full Retirement Age, you need to understand how working affects your Social Security benefits. HIT THE SUBSCRIBE BUTTON to see my videos as soon as they are uploaded. Lot's of new stuff coming soon. Find more great Social Security information at my website https://socialsecurityintelligence.com/ More videos like this coming soon! Subscribe to my channel and you'll be notified. How much can you earn and draw Social Security. Find out here!
Просмотров: 165050 Devin Carroll
IRA Contributions 2017 - Know the Facts
 
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Please watch: "March Madness Has Hit the Markets 😮 🏀" https://www.youtube.com/watch?v=70FjkhcQzao --~-- Although not a lot of changes there are a few. Each October, the Internal Revenue Service announces changes to annual contribution limits for IRAs and workplace retirement plans. Are any of these limits rising for 2017? Will IRA contribution limits go up? Unfortunately, no. Annual contributions for Roth and traditional IRAs remain capped at $5,500 for 2017, with an additional $1,000 catch-up contribution permitted for those 50 and older. This is the fifth consecutive year those limits have gone unchanged. The SIMPLE IRA contribution limit is the same in 2017 as well: $12,500 with a $3,000 catch-up permitted.1,2 There are some changes pertaining to IRAs. The limit on the employer contribution to a SEP-IRA rises $1,000 in 2017 to $54,000; this adjustment also applies for solo 401(k)s. The compensation limit applied to the savings calculation for SEP-IRAs and solo 401(k)s gets a $5,000 boost to $270,000 for 2017.1 Next year will bring an adjustment to IRA phase-out ranges. Your maximum 2017 contribution to a Roth IRA may be reduced if your modified adjusted gross income falls within these ranges, and prohibited if it exceeds them.1 *Single/head of household $118,000-133,000 ($1,000 higher than 2016) *Married couples $186,000-196,000 ($2,000 higher than 2016) If your MAGI falls within the applicable phase-out range below, you may claim a partial deduction for a traditional IRA contribution made in 2017. If it exceeds the top limit of the applicable phase-out range, you can’t claim a deduction.1 *Single or head of household, covered by workplace retirement plan $62,000-72,000 ($1,000 higher than 2016) *Married filing jointly, spouse making IRA contribution covered by workplace retirement plan $99,000-119,000 ($2,000 higher than 2016) *Married filing jointly, spouse making IRA contribution not covered by workplace retirement plan, other spouse is covered by one $186,000-196,000 ($2,000 higher than 2016) *Married filing separately, covered by workplace retirement plan $0-10,000 (unchanged) Will you be able to put a little more into your 401(k), 403(b), or 457 plan next year? No. The maximum yearly contribution limit for these plans stays at $18,000 for 2017. (That limit also applies to the Thrift Savings Plan for federal workers.) The additional catch-up contribution limit for plan participants 50 and older remains at $6,000.1 Are annual contribution limits on Health Savings Accounts rising? Just slightly. In 2017, the yearly limit on deductible HSA contributions stays at $6,750 for family coverage and increases $50 to $3,400 for individuals with self-only coverage. You must participate in a high-deductible health plan to make HSA contributions. The annual minimum deductible for an HDHP remains at $1,300 for self-only coverage and $2,600 for family coverage in 2017. Next year, the upper limit for out-of-pocket expenses stays at $6,550 for self-only coverage and $13,100 for family coverage. HSAs are sometimes called “backdoor IRAs” because they can essentially function as retirement accounts for people 65 and older; at that point, withdrawals from them can be used for any purpose.3,4 Make sure not to miss a single video from our Wealth and Wisdom Series! Click here to Subscribe Loftus Wealth Strategies Michael P. Loftus http://www.loftuswealthstrategies.com/ Check us out on social media! Facebook - https://www.facebook.com/loftuswealth... Twitter- https://twitter.com/mpllws LinkedIn - https://www.linkedin.com/in/mloftus28 Sign up for our weekly newsletter http://tinyurl.com/hooyujk
Просмотров: 5167 Wealth and Wisdom
Retirement plan basics
 
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Qualified retirement plans By now I hope you have a good understanding of the power of compounding. Starting early and attaining even modest increases in your return can lead to a much larger nest egg down the road. But now let's look at the best way to actually build that nest egg. By far the best way to save and invest your retirement money is through a tax-sheltered retirement account. One of the first things to understand about all employment-related retirement plans is the difference between so called qualified and non-qualified plans. There are plenty of different qualified plans but they all meet IRS standards. Qualified plans provide the best deal for both employers and employees. How qualified plans work Under a qualified plan, any contributions that the company makes are immediately deductible as wages by the company. This increases their expenses and thus lowers their taxable profit. Under a 401(k) arrangement, you as the employee, divert part of your salary to a tax-deferred account. The employer may also match a portion of your diverted wages. In this case, the employer gets to deduct immediately your diverted wages and the employer's match. You, on the other hand, won't pay income taxes on your savings or the employer's match. This is a win-win scenario for the company and it's workers, and a lose-lose scenario for the US Treasury. Qualified plans, however, come with strings attached. To get immediate deductibility, employers must meet non-discriminatory requirements. These are meant to ensure that the employer doesn't slant the plan to favor executives or owners. The employee also faces restrictions. Most plans limit access to funds until age 59.5, and place tax penalties on those who withdraw funds early, although there are exceptions. Non-qualified plans There are also non-qualified plans. These include special plans set up for executives or pension plans set up between large companies and large unions. These plans are too complex to discuss here, and they have even more strings that limit their attractiveness. So almost all of the plans that you'll participate in, such as the 401(k) plan, will be qualified plans. Graduated and cliff vesting To become a qualified plan, a plan must offer a fairly lenient vesting schedule. Once you're vested in a plan, you're entitled to benefits. Back in the bad old days, you often had to work for a company for 10 or even 20 years before becoming vested in the program. However after the Tax Reform Act of 1986, almost all people must become vested in a plan after seven or fewer years of employment. A company can offer so-called "cliff vesting" or "graduated vesting". With cliff vesting, an employee becomes eligible to get 100 percent of the company's contribution after five years of employment. Under graduated vesting, the employee gradually stakes a claim to the company's contribution over years three to seven of employment. After the third year, you claim 20 percent of what the company had already contributed in your name. After the fourth year, you claim 40 percent and so on up to 100 percent after year seven. These five and seven year schedules are the worst-case allowed for qualified plans. However, companies often offer better deals, such as 100 percent graduated vesting over five, not seven, years. Forfeited money due to lack of vesting So what happens if you you're in a plan that offers five year cliff vesting and you leave after year three? What happens to the money that the company chipped in your name? The answer depends on the plan, but if you're in a big company's plan your money usually is split up between the remaining employees. You lose, and remaining employees win. But if you're in a small company's plan, you may be able to keep the employer's matching contribution. Still, remember one thing. The money that you personally save in the plan is always 100 percent yours. Assume that you have a 401(k) plan and you divert $2,000 of your salary into it. The company offers a 50 percent match and thus adds $1,000 to your account. The $2,000 you saved is always your money, but the $1,000 contribution by the company is subject to the plan's vesting rules. If you leave early, you may lose some or all of the $1,000 match. Copyright 1997 by David Luhman http://moneyhop.com/scripts/retirement-planning/050-retirement-plan-basics
Просмотров: 2736 MoneyHop.com
How Much to Contribute to a 401k | BeatTheBush
 
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Sometimes, saving for retirement could be overdone and hurt your current financial needs. One has to remember that while there are a lot of tax advantages to contributing to a 401k plan, contributing too much could cost you more in the long run. It is important to first collect all possible matching supplied by your employer first. The amount to contribute more than that should be determined if this is 'investing' money. That is, if its money you do not need to buy things, saving for a down payment on a home, or may need it for certain things before you retire. Support more videos like this along with getting a bunch of perks here: http://www.patreon.com/BeatTheBush Get a free audiobook and 30-day trial. Even if you cancel, you still keep the book and you still support my channel for signing up. Support my channel by signing up to help me make more videos like this: http://www.audibletrial.com/BeatTheBush ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Credit Card for Starters Who Should NEVER Get a Credit Card: https://youtu.be/aNYZkMgTyb0 Only Use Credit or Only Use Debit: https://youtu.be/J0ZRgBIG39Q Credit Card Basics How Credit Card Calculates Interest: https://youtu.be/0Z2nWQdqa2A How Credit Card Grace Periods Work: https://youtu.be/8WuH3-PsjCA Difference Between Credit Card Inactivity and 0% Utilization: https://youtu.be/rtfJMZf_IrM Credit Card Statement Closing Date vs. Due Date: https://youtu.be/3-knvT7JbTk Does Canceling Credit Cards Affect Credit Score: https://youtu.be/jYGZukw5i-Q Can You Afford a No Limit Credit Card: https://youtu.be/sdAh7hzgJoU Credit Card Balance Transfer Hack: https://youtu.be/F2Foqg2ZTEw Credit Score Less Than 700 Maximize Credit Score while in College: https://youtu.be/pxGECoQoLLA Build Credit Fast with a $500 Credit Limit: https://youtu.be/attQKzngqoE How to Pay off Credit Card Debt: https://youtu.be/XY8YSPapnF8 How to Build Credit with Bad Credit or No Credit [w/ Self Lender]: https://youtu.be/RNXutBGAnlM How to Boost Your Credit Score Within 30 Days: https://youtu.be/LyBjciz4-zg Credit Score More Than 700 How to Increase Credit Score from 700: https://youtu.be/MCFKNBcyAWs 740+ is Not Just For Show: https://youtu.be/1fGcpxurzgU My Credit Score: 848, How to get it Part 1: https://youtu.be/dEZLZQXRBjQ My Credit Score: 848, How to get it Part 2: https://youtu.be/Y6-SB35C7Pc My Credit Score: 848 - Credit Card Hacks and How I got it: https://youtu.be/8Xz3hi3VWfM Advanced Credit Card Tricks How to get a Business Credit Card: https://youtu.be/S3srld5_l5Y Keep 16 Credit Cards Active: https://youtu.be/yAzkEK8Y6E8 Rejected for a New Credit Card with 826 Credit Score: https://youtu.be/66O505Oj5e4 Make Credit Cards Pay You Instead: https://youtu.be/wKMJdX1fQJA Credit Card Low Balance Cancellation $2 per mont [Still Works]: https://youtu.be/2DJjfvcMCcg Cash Back Are Credit Card Points Taxable?: https://youtu.be/Tw90h8I5JNk How to Churn Credit Cards: https://youtu.be/uw__fl38Dk4 Best Cash Back Credit Cards for 2017: https://youtu.be/e_uJweUsiDk 5% Cash Back on Everything: https://youtu.be/q9g_rySm_tI Always get 11% Off Amazon Gift Cards and Amazon Hacks: https://youtu.be/vbv6Rj2uUr4 Max Rewards: What's in My Wallet: https://youtu.be/cmJDFcbjFho How I Make 200 Dollars in 10 Minute [Hint: Credit Card Bonus]: https://youtu.be/pegq4G7ZhTI When Your Best Cash Back Card Gets Cancelled: https://youtu.be/pe7OuqxGi9M Amex Blue Cash Preferred vs. Everyday Effective Cash Back on Groceries: https://youtu.be/3ezD_QwS5e0 Double Dip Groceries Cash Back with Safeway Just for U: https://youtu.be/7kBl0W_L29U Milk the Barclays Cashforward Card for the MOST Cash Back: https://youtu.be/qf2gvrk6Evo This Channel: BeatTheBush I've obtained a high credit score of 848 out of 850 and I am glad to share the knowledge for everyone. Since 3 years ago, I've started making numerous videos that helped people increase their credit score that are free and accessible to all. Please enjoy my channel. Other Channels: BeatTheBush DIY: https://www.youtube.com/BeatTheBushDIY
Просмотров: 88568 BeatTheBush
Annual Contributions Limits and Your Retirement Plan
 
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Even though congress is trying to find ways to keep you from stretching your IRA to future generations, they are being generous in allowing you to build even larger IRAs and retirement plans for yourselves. In 2015, we continue to see a solid $5,500 annual contribution limit to IRAs and Roth IRAs with a$1000 catch up contribution allowed for those 50+. Your 401(k), 403(b) and 457 plans have an increased contribution limit in 2015 of $18,000 and an additional $6000 catch up contribution for those 50+. I discuss these plans and their advantages and limitations in detail in the new edition of Retire Secure! So if you haven’t already I would recommend that you sign up for my book reminder emails at http://www.retiresecurebook.com where you will get a FREE 4 page summary of Retire Secure! A Guide to Getting the Most Out of What You’ve got along with various videos about the book and other great bonuses including a limited time offer for a FREE consultation for those who qualify.
Просмотров: 434 retiresecure
Can I Deduct my IRA Contributions?
 
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Download your free copy of my Retirement Guide, What Every Investor needs to Know about Planning and Saving for their Retirement. Click here: https://lethemonfinancial.leadpages.co/guide-landing-page-1/
Просмотров: 397 Money Evolution
Solo 401k Excess contribution: What to do if you contribute more than the Solo 401k limit
 
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http://www.sensefinancial.com The Solo 401k plan has one of the highest contribution limits among qualified retirement plans. This limit, however, can vary based on different factor such as the plan participant's age, income level and the form of business. If you contribute more than your limit, what should you do? Watch this Solo 401k Quick Tip video to learn more. For more information please visit our website or contact us at 949-228-9394. If you contribute more money than the allowed limit to your Solo401k, you will have to either carry over the excess amount to the next year, or pay an excise tax for the excess amount. If you decide to carry over the excess contribution, it will be combined with your contribution next year. If you decide to keep the contribution for the year instead, it will be considered a nondeductible contribution, and trigger an excise tax. This tax is usually 10% and you will also need to report these contributions on Form 5330. Excess contributions can also be removed. We strongly encourage you to consult your tax advisor if you’ve made excess contributions.
Просмотров: 1079 SenseFinancial.com
Retirement Planning For The Self-Employed !
 
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Recent studies show that most self-employed Americans are saving little, if anything, for retirement. Why? Excuses include a lack of steady income, paying off major debt, healthcare, education, and business expenses. But when the future depends on you, making an investment in yourself is worth it. The retirement saving options most preferred by self-employed workers are solo 401(k)s, SEP IRAs and SIMPLE IRAs. The solo or individual 401(k) is like a traditional 401(k), but it’s for sole business proprietors with no employees other than a spouse who works for the business. It permits contributions as both the employee and employer, which means higher limits than many savings plans. In 2014, the employer could save $17,500; or $23,000 if over 50 years old, plus an additional 25% of net income up to a maximum of $52,000; or $57,500 if over 50. A simplified employee pension, or SEP IRA, suits individuals and businesses with employees. A SEP IRA can be opened at just about any bank or brokerage. The business owner can contribute up to 25% of each employee’s income, up to $52,000. When making a contribution, the owner must contribute for every employee. Since employees do not make contributions, the plan is most popular with one-person businesses. Savings incentive match plan for employees, or SIMPLE IRAs, are like SEP IRAs, but the employees can make contributions. The employer must contribute dollar-for-dollar up to 3% of each eligible employee’s contribution, and 2% for those who don’t contribute. In 2014, contribution limits of $12,000 -- $14,500 if over 50 -- and the matching requirement made SIMPLEs best for those with no employees and incomes of less than $45,000. Read more: Retirement Planning For The Self-Employed - Video | Investopedia http://www.investopedia.com/video/play/retirement-planning-selfemployed/#ixzz3tNDhtOTG Follow us: Investopedia on Facebook
Просмотров: 6614 Investopedia
2018 TSP Contributions Limit Update
 
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2018 TSP Contributions Limit Update. For 2018, your contribution limits have increased meaning you can contribute more dollars to you TSP offering tax advantages on those dollars, reducing current or future tax liability.
Просмотров: 1989 Retirement Benefits Institute
How To Make The Most of Your TSP in 2018 + A Retirement Success Habit
 
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Many people are concerned about TSP. If you don’t have enough saved in TSP, your retirement could be very uncomfortable. The problem is that there’s mountains of information out there about TSP. It’s complex and you’re left on your own to sift through it all to come up with action steps. ***Here’s where you can get the extra lesson, The TSP Check Up, https://www.fersblueprint.com/p/tsp-checkup. Now is a great time to do The TSP Check Up—it’s a free lesson that's directly from the FERS Retirement training that I’ve been teaching for years at agencies! This video is brought to you by the FERS Blueprint Online Retirement Training. We believe that it shouldn’t be so hard to get into retirement training, and that you should be able to learn when you want to and at your own pace. Now you can at the FERS Blueprint. Take a class today! https://www.fersblueprint.com ____________ “I’ve got too much saved up in TSP”—said no one ever The way the Thrift Savings Plan (TSP) works is you save money each pay period—and that’s done by payroll deduction. It’s referred to as a contribution. The amount you contribute is determined by you. You can use either a percentage of your pay or a specific dollar amount. Every year the IRS sets a limit on the maximum contribution you can make into TSP. There’s two types of contributions: Regular Contributions and Catch Up Contributions. REGULAR CONTRIBUTIONS are available to all eligible employees (regardless of their age). In 2018, the maximum annual Regular Contribution is $18,500. That means you can make contributions into Traditional TSP and/or Roth TSP in any combination you wish, but the total cannot exceed $18,500. CATCH UP CONTRIBUTIONS are an extra amount above and beyond the Regular Contributions, if you meet the requirements. You can start making Catch Up Contributions at any time beginning in the year you turn 50. You must also be on track to reach the maximum Regular Contribution for the year. In 2018, the maximum Catch Up Contribution is $6,000. That means if you’re eligible, you can make contributions into Traditional TSP and/or Roth TSP in any combination you wish, but it cannot exceed $6,000. Your Regular Contribution automatically carries over year to year until you change it. However, you must re-elect Catch Up Contributions each year. Remember that the TSP regular contribution limit doesn’t include any FERS Match. The FERS Match is a separate amount over and above the contribution limit. ____________ FERS Blueprint is an educational division of The Monroe Team, Inc. DUNS Number: 032 057260. CAGE Code: 735L3. NAICS Code: 611710 Educational Support Services. Woman-owned, small business. PROJECT Prepare2Retire and FERS Blueprint are not affiliated with, endorsed or sponsored by the Federal Government or any US Government agency. PROJECT Prepare2Retire and FERS Blueprint are educational only. No specific financial, retirement nor tax advice is being offered. The material presented is as current as possible, but is necessarily generalized. Facts and opinions are based on research and experience, but are not endorsed by the Federal Government. It is recommended to consult with your personnel office and/or the Office of Personnel Management (OPM) Retirement Office, Thrift Savings Plan, Social Security, Medicare, Internal Revenue Service, your legal, tax and/or other advisor(s). © 2017. The Monroe Team, Inc.
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What Is My RRSP Contribution Limit?
 
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Googleusercontent search. Rrsp deduction limit h&r block canada. One of the most reliable ways to check your 12 feb 2018 now, annual contribution limit is what you need pay attention if you've always made maximum rrsp there a difference between yearly room (the amount you're allotted each year for contributions) and individual deduction i confirm that have instructed my employer deduct contributions from pay, be directly remitted. What is the maximum amount you can contribute so it would be deductible from your income in order to arrive at a taxpayer's contribution limit, cra calculates earned for year according his or her annual. Here's what you need to know your deduction limit is 18. Registered retirement savings plan deduction limit (rrsp rrsp contribution limits rbc royal bank. Know your rrsp contribution limit on deadline daygetsmarteraboutmoney. 29, 2016 rrsp contribution deadline approaches, many canadians are about to make a last minute contribution to their rrsp 30 jan 2018 you can find your rrsp deduction limit on your most recent notice of assessment from the canada revenue agency (cra)The rrsp deduction limit. What's your rrsp contribution limit? Here's the max for this year. However, calculating how your rrsp contribution limit for 2018 is 18. 2018 where can you find your rrsp prpp deduction limit? Canada. Rrsp contribution limit for 2017 on the income of 2016. Where do i enter my rrsp deduction limit and unused contribution how find out what contributions are 2018 deadline, limits other need to knows is room? Verification of vestcor. 16 feb 2018 if you want to know your rrsp contribution limit, there's no better time than the present to figure out the details. Tax tip how to calculate the rrsp deduction limit. 2018 where can you find your rrsp prpp deduction limit? Canada. What is the maximum amount you can contribute so it would be deductible from your income rrsp contribution limit for 2017 on of 2016 in canada. Simpletax help how do i find my rrsp deduction limit? . 17 apr 2018 the maximum amount that an individual can contribute to registered retirement savings plans (rrsp) without tax implications and how much if you still can't find your deduction limit and you are certain that your rrsp contributions during the contribution period (march to february) don't exceed 18. Rrsp contribution limit for 2018 on the income of 2017 in canada. Rrsps know your limits sun life global investments. 2018 rrsp contribution limit for 2018 on the income of 2017. Your registered retirement savings plan (rrsp) deduction limit is the maximum amount of rrsp contributions you can deduct on your return to help lower tax payable for year. I also confirm that my rrsp an overview of how to interpret the deduction limit statement (rrsp), your shows maximum amount you 29 jan 2016 as feb. Rrsp deduction limit statement rbc wealth management. The rrsp deduction limit. It then deduct transfers of certain qualifying income made to the taxpayer's
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Solo 401(k) Contributions Limits
 
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Adam Bergman, a partner with the IRA Financial Group, discusses the Solo 401(k) Plan contribution limits. The video breaks down the Solo 401(k) Plan contribution rules, including employee deferral and employer profit sharing contributions. For more information on the Solo 401(k) contribution limits, please visit http://www.irafinancialgroup.com/solo401kcontributionlimits.php. http://www.irafinancialgroup.com - IRA Financial Group is the market's leading Self Directed IRA LLC and Solo 401(k) Facilitator. We have helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including domestic or foreign real estate, tax liens, precious metals, peer-to-peer lending, new businesses, stocks, mutual funds, foreign currencies, options and much more. We have close working relationships with all the leading custodians making the set-up process seamless.
Просмотров: 152 IRAFinancialGroup
Self Employed Retirement Plans - Best Self Employed Retirement Plans
 
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What are self employed retirement plans – What is a self employed retirement plan? 1-800-566-1002 http://www.RetireSharp.com. What are the best types of self employed retirement plans and learn how you can avoid the most common mistakes that individuals have made when looking to set up a self employed retirement plan. Benefits You Can Avail From Self Employed Retirement Plans Over the past few years, many companies all over the world have shed millions of jobs, affecting the economy. Others opted for self employment since the competition for landing a job has become tougher. In addition to that, self employed retirement plans has also started to become a trend for many individuals. One of the benefits of self employment is that you are your own boss and there are no subordinates to pull you down. You earn exactly what you worked for without the hassle of being under someone else. One of the most common self employed retirement plans include solo 401k plans. It is the newest among the most commonly used retirement funds. If you are under the age of 50, the contribution limit is $16,500 and $22,000 for those aged 50 or over. The tax benefits are better compared to SEP because the contributions that you will make are not restricted to a certain percentage of your pay. Another great deal with 401(k) plans is that you can contribute 20% of your earnings as an additional contribution. Another option for retirement funds is the simple IRA retirement plan. IRA stands for individual retirement account. $5,000 is the maximum contribution for those aged under 50, and $6,000 for those aged 50 and over. It is best that neither you nor your spouse (if you have one) is covered by another retirement fund such as 401(k) to avoid limitations in tax deductions and other conflicting issues. SEP IRA plans or simplified employee pension IRA is an upgraded version of the simple IRA, where you can contribute from 20 percent of your net earnings up to a maximum of $49,000. Nowadays, the SEP IRA is the most common type of retirement plan being used by self employed individuals. This type of plan does not require a mandatory contribution. For one year, you may choose to contribute the full amount or half or any desired amount for the succeeding year. One of the benefits of using the SEP IRA is that it is very easy to create an account and maintain it. The deadline for funding your account is the same as the deadline for filing your income tax returns which makes it convenient for all users. A disadvantage for this though is that loans are not permitted. With the Roth IRA retirement plan, there is no income tax deduction and the growth of your investment is tax free. It is the exact opposite of a traditional IRA plan where contributions have an income tax deduction and the money you take out in retirement is taxed. Other self employed retirement plans that are more expensive and difficult to maintain include the Defined benefit plan. The annual funding requirements are very rigid even though loans are permitted in this type of retirement fund. The annual contributions for this type of account can reach up to $100,000 or more, depending on the age and the average income of the owner. For more information about the various retirement plans for self employed individuals, there are many websites that let you use free retirement planning tools to get you started. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: self employed retirement plans annuities Self employed retirement plans for income Self employed retirement plans explained Self employed retirement plan reviews Self employed retirement plans review What is the best fixed indexed annuity for self employed retirement plans vs the best tax free income self employed retirement plan https://www.youtube.com/watch?v=URjGZoGKSwY
Просмотров: 4824 retiresharp
Employee Provident Fund Act (EPF) Calculation
 
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For EPF Registration for your business visit: http://esipfadvisor.com/ Employee Provident Fund Act, 1952 (EPF) is an Act to provide for the institution of provident funds, pension fund and deposit-linked insurance fund for employees in factories and other establishments. This is part 2 of Employee Provident Fund Act, 1952 (EPF), visit the below link for part of the same. https://www.youtube.com/watch?v=y9kyV2N5cfY Visit www.esipfadvisor.com for labour laws consultancy. (pf, epf, esi, etc). Visit https://www.youtube.com/watch?v=PXOXwCAHKug to understand ESI act in 5 minutes. Designed by Asierromero / Freepik
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How much can a self employed individual contribute to a retirement plan SEP IRA
 
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please subscribe to our channel for more videos! https://www.youtube.com/letstalkmoneychannel How much can I contribute to my SEP? The contributions you make to each employee’s SEP-IRA each year cannot exceed the lesser of: 25% of compensation, or $55,000 for 2018 How much can I contribute if I’m self-employed? If I participate in a SEP plan, can I also make tax-deductible traditional IRA contributions to my SEP-IRA? If I participate in a SEP plan, can I contribute to a Roth IRA in addition to receiving contributions under the SEP plan? Can I make catch-up contributions to my SEP? Must I contribute to the SEP every year? Do I have to contribute for a participant who is no longer employed on the last day of the year? Can I contribute to the SEP-IRA of a participant over age 70 ½? When must I deposit the contributions into the SEP-IRAs? How much of the SEP contributions are deductible? Are employer contributions taxable to employees? What are the consequences to employees if I make excess contributions? If my SEP plan fails to meet the SEP requirements, are the tax benefits for me and my employees lost?
Просмотров: 1993 Let's Talk Money Channel
09 - Claim Tax benefit on Rs 2 lac ,NPS & tax benefit (Hindi)
 
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avail tax benefit on Rs 2 lac,Understand what is additional tax deduction on saving of Rs. 50,000 over and above the limit of Rs. 1.50 lac available under section 80C. Previous video on NPS https://youtu.be/bdGSQ5PwWq8?list=PLQGA6ZsasvC1luREq1Zpy0pcFqHe4zL_W
Просмотров: 22359 make it simple with kunal
Retirement Plans & Investments : Deductible Roth IRA Contributions
 
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Roth IRA contributions are not deductible off of taxes, though they can be taken out of a payroll before taxes. Consult one-on-one with a licensed financial planner to discuss IRA contributions with advice from a financial adviser in this free video on individual retirement accounts. Expert: William Rae Contact: www.hbwfl.com Bio: William Rae has been licensed in the insurance and financial fields for more than 30 years. Filmmaker: Christopher Rokosz
Просмотров: 141 ehowfinance
2012 IRA Contribution and Deduction Limits
 
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http://www.howcaniretire.net/2012-ira-contribution-and-deduction-limits.html IRA limits and maximum IRA contribution, depending if you are under 50 before the year is out or over 50 before the year is out, the most you can contribute to either the Traditional IRA or the Roth IRA is whichever is
Просмотров: 191 Roger Chartier
How Workers Can Obtain Retirement Security: Investment Managers, Wall Street, and 401(k) Plans
 
02:02:19
A 401(k) plan is the common name in the USA for the tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Taxation Code. Under the plan, retirement savings contributions are provided (and sometimes proportionately matched) by an employer, deducted from the employee's paycheck before taxation (therefore tax-deferred until withdrawn during retirement), and limited to a maximum annual contribution of $17,500 (as of 2013).[1][2] Alternative employer-provided defined-contribution pensions include 403(b) and 401(a), offering higher mandatory limits. Employees can make contributions to the 401(k) on a pre-tax or post-tax basis, depending on what the plan allows. With either pre-tax or after-tax contributions, earnings from investments in a 401(k) account (in the form of interest, dividends, or capital gains) are tax-deferred. The resulting compounding interest with delayed taxation is a major benefit of the 401(k) plan when held over long periods of time. Starting in the 2006 tax year, employees can also elect to designate contributions as a Roth 401(k) deduction. Similar to the provisions of a Roth IRA these contributions are made on an after-tax basis and all earnings on these funds not only are tax-deferred but could be tax-free upon a qualified distribution. However the plan sponsor must amend the plan to make those options available. For pre-tax contributions, the employee does not pay federal income tax on the amount of current income that he or she defers to a 401(k) account. For example, a worker who earns $50,000 in a particular year and defers $3,000 into a 401(k) account that year only recognizes $47,000 in income on that year's tax return. Currently this would represent a near term $750 savings in taxes for a single worker, assuming the worker remained in the 25% marginal tax bracket and there were no other adjustments (e.g., deductions). The employee ultimately pays taxes on the money as he or she withdraws the funds, generally during retirement. The character of any gains (including tax-favored capital gains) are transformed into "ordinary income" at the time the money is withdrawn. If the employee made after-tax contributions to the non-Roth 401(k) account, these amounts are commingled with the pre-tax funds and simply add to the non-Roth 401(k) basis. When distributions are made the taxable portion of the distribution will be calculated as the ratio of the non-Roth contributions to the total 401(k) basis. The remainder of the distribution is tax-free and not included in gross income for the year. For accumulated after-tax contributions and earnings in a designated Roth account (Roth 401(k)), "qualified distributions" can be made tax-free. To qualify, distributions must be made more than 5 years after the first designated Roth contributions and not before the year in which the account owner turns age 59½, unless an exception applies as detailed in IRS code section 72(t). In the case of designated Roth contributions, the contributions being made on an after-tax basis means that the taxable income in the year of contribution is not decreased as it is with pre-tax contributions. Roth contributions are irrevocable and cannot be converted to pre-tax contributions at a later date. Administratively, Roth contributions must be made to a separate account, and records must be kept that distinguish the amount of contribution and the corresponding earnings that are to receive Roth treatment. Unlike the Roth IRA, there is no upper income limit capping eligibility for Roth 401(k) contributions. Individuals who find themselves disqualified from a Roth IRA may contribute to their Roth 401(k). Individuals who qualify for both can contribute the maximum statutory amounts into both plans (including both catch-up contributions if applicable). http://en.wikipedia.org/wiki/401k
Просмотров: 757 The Film Archives
$5500 per year to tax-free Millionaire: Why you need a Roth IRA
 
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This is one of those things I wished I would’ve learned and had done when I was younger - open up a Roth IRA retirement account. And because it saves you from paying taxes on your earnings and profits later on, I’m all about it. So this is what a Roth IRA is and this is why it’s so important to have one! Click “SHOW MORE” to read my full thoughts. Also feel free to add me on Snapchat / Instagram: GPStephan So here’s what it is - and because this confused me when I was younger, I’ll break it down as simple as possible. A Roth IRA is a type of investment account that you can set up where you invest your money today - up to $5500 per year with no immediate tax deductions - and can pull out your profits and earnings tax free when you’re 59.5. That means you pay NO TAX on YEARS of compounded interest and earnings. Your tax free profits just makes you MORE tax free profits. And it snowballs into a LOT of money. This is best done when you’re young for a few reasons…the money you invest in a Roth IRA is done post tax, which means taxes are already taken out of the money that you earn at the time you invest it. So if you make $20,000 from a job, you might be left with only $17,000 after paying taxes…so this $17,000 is now “post tax” money. The reason is best when you’re young is that chances are, you’re not earning a ton of money compared to what you WILL be earning. When you’re earning a lot of money, it’s about reducing what you owe in taxes because the more money you make, the more money you’re generally taxed. When you’re not earning a lot of money, you’re already in a lower tax bracket, so it’s advantageous to take advantage of that and pay the taxes now to invest - because in the future, you’ll hopefully earn a lot more money. Especially if you’re 18-30 and not earning a lot of money, this is PERFECT for you. When you start earning more money, there are other accounts that might make more sense for your situation. So here’s what I would do: If you’re under the age of 18 and have a job that you’re making money with, you can ask your parents to open a Roth IRA account for you. From there, you contribute money you’re making from your job - keep in mind you cannot contribute more than you earn, so if you earn $1000 that year, you can only contribute $1000. If you’re over the age of 18, right after this video is done, just go online and sign up for a Roth IRA. I use Vanguard and they’re awesome, many people use Charles Schwab or Fidelity - just make sure the account has low fees. You can contribute up to $5500 of earned income every year - if you make too much money, you can look into doing a backdoor Roth IRA contribution. I recommend putting in as much as you can afford and forgetting about it. The advantage is that since there’s compounded interest, the sooner you put your money in, on average, the more you’ll have by the time you retire. Is this a boring investment strategy? Yes. But it’s effective. I recommend just doing this on the side with what you can afford, while continuing to invest elsewhere or investing in yourself. Just to give you some ideas, if you invest $1000 per year at 18 and retire at 60, you’ll have $264,000…of that, you only contributed $43,000 over 42 years, meaning you just made $221,000 of tax free money. If you invest $2000 per year at 18, same situation as above, you’ll have invested $86,000 and made $444,000 of tax free money. If you invest the maximum right now of $5500 per year at 18 years old, you’ll have invested $231,000 and made over $1,200,000 in tax free money. If you just do $5500 per year at 18 years old, you can retire a millionaire without doing anything else. This average figure includes inflation, by the way. I hope this video helps and that this sets you up for future financial independence. Add me on Snapchat: GPStephan Add me on Instagram: GPstephan For business inquiries, you can reach me at GrahamStephanBusiness@gmail.com Suggested reading: The Millionaire Real Estate Agent: http://goo.gl/TPTSVC Your money or your life: https://goo.gl/fmlaJR The Millionaire Real Estate Investor: https://goo.gl/sV9xtl How to Win Friends and Influence People: https://goo.gl/1f3Meq Think and grow rich: https://goo.gl/SSKlyu Awaken the giant within: https://goo.gl/niIAEI The Book on Rental Property Investing: https://goo.gl/qtJqFq
Просмотров: 449308 Graham Stephan
PF(Provident Fund) ALL DETAILS FOR EMPLOYEE & EMPLOYER(HINDI) NEW UPDATE
 
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PF(Provident Fund) ALL DETAILS OF EMPLOYEE & EMPLOYER(HINDI) 1) REGISTRATION 2) CLAIM 3) PENSION ALL FORM AND CONTRIBUTION RATE
Просмотров: 271133 Anirban Sarkar
Self-Directed Retirement Plan Contribution Limits and Deadlines
 
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What Is Covered Why the Roth IRA is an absolute crucial part of your investment arsenal How to beat the IRS and gain HUGE tax deductions using small business Retirement Plans How to make your children or grandchildren millionaires How to contribute as much to your IRA before IRS deadlines How to create MASSIVE WEALTH for your future generations using IRA accounts
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IRA Contribution Limits 2013
 
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IRA Contribution Limits 2013 http://papersourceuniversity.com For 2013, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of: $5,500 ($6,500 if you're age 50 or older), or your taxable compensation for the year. The IRA contribution limit does not apply to: Rollover contributions Qualified reservist repayments Claiming a tax deduction for your IRA contribution Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. IRA deduction limits Roth IRA contribution limit The same general contribution limit applies to both Roth and traditional IRAs. However, your Roth IRA contribution might be limited based on your filing status and income. 2012 - Amount of Roth IRA Contributions You Can Make for 2012 2013 - Amount of Roth IRA Contributions You Can Make for 2013 IRA contributions after age 70½ You can't make regular contributions to a traditional IRA if you're age 70½ or older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
Просмотров: 8279 Simon White
Retirement Plans Overview
 
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This video goes over the two main types of retirement plans: IRAs and ROTHs. It also covers contribution limitations for various types of plans. www.utdu.info Disclaimer: I hope you find this information to be easy to understand! However, none of this information should be thought of as offering legal or tax advice between the reader and uTDu or forming a client-professional relationship. Tax laws are complex and while we try to cover information in a more in depth manner for the uninformed reader, uTDu cannot be held responsible for covering every aspect of all rules and cannot take the place of one-on-one client relationship. Consult a professional for advice based on all aspects of your personal situation. You should not take action or refrain from any action based on this advice and you should consult with your own accountant or tax professional regarding your specific situation. IRS Circular 230 Notice: Nothing in these communication is intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. For more information or any questions regarding the disclaimer contact us at contactus@utdu.info.
Просмотров: 386 Business Finance Coach
Taxes in Retirement Planning: What You MUST Know! (2018)
 
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Retirement Income Planning is critical for soon-to-be and current retirees. Because it is so important you MUST get as specific as you can for YOUR situation. This means not relying on rules of thumb. Or financial planning concepts that are somewhat dated. Or generalizations of the tax code. In this video, I dissect a recent article in the Atlanta Journal- Constitution where the author completely misses the mark with his analysis of the tax consequence a hypothetical retired couple will pay. Because of this error, the couple will engage in part-time employment to generate income when in fact under current tax law they would not need to do that. In fact,, with proper tax planning, this couple could have used the time they spent working part time in order to do something maybe more meaningful. So, in this article, the author has the couple paying a 17.22% tax rate on gross income of $100k which includes $42,000 of Social Security. This GREATLY over states the taxes these folks will pay, nearly by a factor of 3! Under the new Trump tax bill, each taxpayer has a standard deduction of $12,000. So, immediately, this couple's taxable income drops to $76,000. For a married couple with taxable income below $77,000 means they are in the bracket. But it gets better for them. Social Security is much more tax-favorable than straight ordinary income. Depending on your PROVISIONAL INCOME a significant amount of your Social Security will escape taxation. Unfortunately, by heeding the author's advice and working part time, this couple will pay tax on 85% of their Social Security benefits. This is the maximum allowed by law and actually increases their taxes by 50% as compared if they did not work! Does that extra income from working give them more needed disposable income though? NO! The author states they need roughly $83k a year to live comfortably in retirement. He puts them in a 17.22% tax bracket and lo and behold, $100k of gross income nets them the $83k they need. But in reality, by NOT working, they have $88k of gross income, pay about $5k in taxes and still net the $83k! Also, this assumes their investment income is ALL taxed as ordinary income rates. What if were long term capital gains (LTCG) and/or qualified dividends(QDI)??? In this case, there would be a good chance NONE of that investment income is taxed at all because of the favorable tax treatment for those in the 12% and lower brackets on LTCGs and QDI. Remember if you are in the 10% and 12% tax brackets, (that means your TAXABLE INCOME is below $77,000 MFJ) you pay 0, yes I said 0, in tax on capital gains and income! So, it's even likely that I am over-estimating this fictitious couples tax simply because I don't know from where their investment income derives. Either way, on the basis of NOTHING ELSE other than the new Standard Deduction rules we know, for a fact , this couple will only be in the 12% MARGINAL tax bracket. This means, the first $19k is taxed only at 10% and the next $58k of TAXABLE INCOME is taxed at 12%, unless some of that income is LTCGs and QDIs then that portion is taxed at 0. So, what does all this mean for you??? You've got to know the true nature of your taxes. Taxes are one of the largest, if not THE largest, expense retirees have. If we overestimate taxes by such a significant amount we are risking the clients will be too conservative in their spending and not fully enjoy their beginning stages of retirement. The last thing we want to happen is for a widow to have more money in her accounts than she knows what to do with being disappointed because she and her late husband didn't do more, out of worry of running out of money. ================================= If you like what you see, a thumbs up helps A LOT. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEz... GET MY BOOK: Strategic Money Planning: 8 Easy Ways To Put Your House In Order It's FREE if you're a Kindle Unlimited Subscriber! https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/j... LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthpla... Linkedin: https://www.linkedin.com/in/joshscand... Quora: https://www.quora.com/profile/Josh-Sc... Google +: https://plus.google.com/u/1/108893802...
Просмотров: 35508 Heritage Wealth Planning
Are 401k Retirement Funds Safe? Stock Market Losses (2008)
 
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In the United States, a 401(k) plan is the tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Code. Under the plan, retirement savings contributions are provided (and sometimes proportionately matched) by an employer, deducted from the employee's paycheck before taxation (therefore tax-deferred until withdrawn after retirement or as otherwise permitted by applicable law), and limited to a maximum pre-tax annual contribution of $18,000 (as of 2015). Other employer-provided defined-contribution plans include 403(b) plans, for nonprofit institutions, and 457(b) plans for governmental employers. These plans are all established under section 401(a) of the Internal Revenue Code. 401(a) plans may provide total annual addition of $52,000 (as of 2014) per plan participant, including both employee and employer contributions. With either pre-tax or after-tax contributions, earnings from investments in a 401(k) account (in the form of interest, dividends, or capital gains) are tax-deferred. The resulting compounding interest with delayed taxation is a major benefit of the 401(k) plan when held over long periods of time.[9] Beginning in the 2006 tax year, employees have been allowed to designate contributions as a Roth 401(k) deduction. Similar to the provisions of a Roth IRA, these contributions are made on an after-tax basis. For pre-tax contributions, the employee does not pay federal income tax on the amount of current income he or she defers to a 401(k) account, but does still pay the total 7.65% payroll taxes (social security and medicare). For example, a worker who otherwise earns $50,000 in a particular year and defers $3,000 into a 401(k) account that year only reports $47,000 in income on that year's tax return. Currently this would represent a near $750 term saving in taxes for a single worker, assuming the worker remained in the 25% marginal tax bracket and there were no other adjustments (e.g., deductions). The employee ultimately pays taxes on the money as he or she withdraws the funds, generally during retirement. The character of any gains (including tax-favored capital gains) is transformed into "ordinary income" at the time the money is withdrawn. If the employee made after-tax contributions to the non-Roth 401(k) account, these amounts are commingled with the pre-tax funds and simply add to the non-Roth 401(k) basis. When distributions are made the taxable portion of the distribution will be calculated as the ratio of the non-Roth contributions to the total 401(k) basis. The remainder of the distribution is tax-free and not included in gross income for the year. For accumulated after-tax contributions and earnings in a designated Roth account (Roth 401(k)), "qualified distributions" can be made tax-free. To qualify, distributions must be made more than 5 years after the first designated Roth contributions and not before the year in which the account owner turns age 59½, unless an exception applies as detailed in IRS code section 72(t). In the case of designated Roth contributions, the contributions being made on an after-tax basis means that the taxable income in the year of contribution is not decreased as it is with pre-tax contributions. Roth contributions are irrevocable and cannot be converted to pre-tax contributions at a later date. (In contrast to Roth individual retirement accounts (IRAs), where Roth contributions may be re characterized as pre-tax contributions.) Administratively, Roth contributions must be made to a separate account, and records must be kept that distinguish the amount of contribution and the corresponding earnings that are to receive Roth treatment. Unlike the Roth IRA, there is no upper income limit capping eligibility for Roth 401(k) contributions. Individuals who find themselves disqualified from a Roth IRA may contribute to their Roth 401(k). Individuals who qualify for both can contribute the maximum statutory amounts into either or a combination of the two plans (including both catch-up contributions if applicable). Aggregate statutory annual limits set by the IRS will apply. http://en.wikipedia.org/wiki/401%28k%29
Просмотров: 562 Way Back
Retirement Plans & Investments : Taxation of Nondeductible IRA Contributions
 
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Taxation of nondeductible IRA contributions generally means that the individual retirement account has been over-funded. Discuss IRA contribution taxes with a CPA or financial professional with tips from a financial adviser in this free video on retirement savings. Expert: William Rae Contact: www.hbwfl.com Bio: William Rae has been licensed in the insurance and financial fields for more than 30 years. Filmmaker: Christopher Rokosz
Просмотров: 272 ehowfinance
Why Max Out Your HSA | BeatTheBush
 
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Have you noticed that little thing in your pay benefits such as the HSA account that requires a high deductible health plan? It may see a bit random but this savings vehicle is actually a very useful tool to help you reduce you taxable earnings! Typically, you can use the money in your HSA tax-free for qualified medical expenses. But why should you only contribute what you use in one year? Why not just max it out because you will eventually use this money for medical expenses anyway? Worst case is you contributed too much but you can still take this out of your HSA after 65 and you only have to pay income tax with no additional penalty. It has the advantages of a 401k PLUS being able to use it tax free now on medical expenses. Therefore, this should be prioritized over 401k contributions but AFTER 401k matching. Support more videos like this along with getting a bunch of perks here: http://www.patreon.com/BeatTheBush Get a free audiobook and 30-day trial. Even if you cancel, you still keep the book and you still support my channel for signing up. Support my channel by signing up to help me make more videos like this: http://www.audibletrial.com/BeatTheBush ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Credit Card for Starters Who Should NEVER Get a Credit Card: https://youtu.be/aNYZkMgTyb0 Only Use Credit or Only Use Debit: https://youtu.be/J0ZRgBIG39Q Credit Card Basics How Credit Card Calculates Interest: https://youtu.be/0Z2nWQdqa2A How Credit Card Grace Periods Work: https://youtu.be/8WuH3-PsjCA Difference Between Credit Card Inactivity and 0% Utilization: https://youtu.be/rtfJMZf_IrM Credit Card Statement Closing Date vs. Due Date: https://youtu.be/3-knvT7JbTk Does Canceling Credit Cards Affect Credit Score: https://youtu.be/jYGZukw5i-Q Can You Afford a No Limit Credit Card: https://youtu.be/sdAh7hzgJoU Credit Card Balance Transfer Hack: https://youtu.be/F2Foqg2ZTEw Credit Score Less Than 700 Maximize Credit Score while in College: https://youtu.be/pxGECoQoLLA Build Credit Fast with a $500 Credit Limit: https://youtu.be/attQKzngqoE How to Pay off Credit Card Debt: https://youtu.be/XY8YSPapnF8 How to Build Credit with Bad Credit or No Credit [w/ Self Lender]: https://youtu.be/RNXutBGAnlM How to Boost Your Credit Score Within 30 Days: https://youtu.be/LyBjciz4-zg Credit Score More Than 700 How to Increase Credit Score from 700: https://youtu.be/MCFKNBcyAWs 740+ is Not Just For Show: https://youtu.be/1fGcpxurzgU My Credit Score: 848, How to get it Part 1: https://youtu.be/dEZLZQXRBjQ My Credit Score: 848, How to get it Part 2: https://youtu.be/Y6-SB35C7Pc My Credit Score: 848 - Credit Card Hacks and How I got it: https://youtu.be/8Xz3hi3VWfM Advanced Credit Card Tricks How to get a Business Credit Card: https://youtu.be/S3srld5_l5Y Keep 16 Credit Cards Active: https://youtu.be/yAzkEK8Y6E8 Rejected for a New Credit Card with 826 Credit Score: https://youtu.be/66O505Oj5e4 Make Credit Cards Pay You Instead: https://youtu.be/wKMJdX1fQJA Credit Card Low Balance Cancellation $2 per mont [Still Works]: https://youtu.be/2DJjfvcMCcg Cash Back Are Credit Card Points Taxable?: https://youtu.be/Tw90h8I5JNk How to Churn Credit Cards: https://youtu.be/uw__fl38Dk4 Best Cash Back Credit Cards for 2017: https://youtu.be/e_uJweUsiDk 5% Cash Back on Everything: https://youtu.be/q9g_rySm_tI Always get 11% Off Amazon Gift Cards and Amazon Hacks: https://youtu.be/vbv6Rj2uUr4 Max Rewards: What's in My Wallet: https://youtu.be/cmJDFcbjFho How I Make 200 Dollars in 10 Minute [Hint: Credit Card Bonus]: https://youtu.be/pegq4G7ZhTI When Your Best Cash Back Card Gets Cancelled: https://youtu.be/pe7OuqxGi9M Amex Blue Cash Preferred vs. Everyday Effective Cash Back on Groceries: https://youtu.be/3ezD_QwS5e0 Double Dip Groceries Cash Back with Safeway Just for U: https://youtu.be/7kBl0W_L29U Milk the Barclays Cashforward Card for the MOST Cash Back: https://youtu.be/qf2gvrk6Evo This Channel: BeatTheBush I've obtained a high credit score of 848 out of 850 and I am glad to share the knowledge for everyone. Since 3 years ago, I've started making numerous videos that helped people increase their credit score that are free and accessible to all. Please enjoy my channel. Other Channels: BeatTheBush DIY: https://www.youtube.com/BeatTheBushDIY
Просмотров: 48812 BeatTheBush
Traditional IRA Rules for 2016 |  727.492.0314
 
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Thinking about opening an IRA in 2016? Well your in good hands, at Jazz Wealth were in the business of managing investments NOT charging for financial advice… that means the advice is free… A traditional IRA is an investment vehicle that allows you to save and invest for retirement by deferring taxes until retirement. Contributions are made pre-tax. When you hit retirement you will pay the taxes on any contributions along with any gains. This type of account is usually setup by someone who wishes to defer taxes until retirement when they feel they will be in a lower tax bracket. As with the Roth IRA there are some specific rules you need to know...but never fear... ~~We speak plain English here at Jazz~~ The first thing we want to check is that you are even eligible to open or contribute to an IRA. According to the IRS for 2016 you can contribute if you (or your spouse if filing jointly) have some kind of taxable income, but not after you are age 70½ or older. “Taxable” income can come from a number of sources, typically in the form of salary, hourly wages, or profits from a small business. Now the IRS is very clear about what doesn’t count as taxable, or earned income. For example, Earnings and profits from property, such as rental income or pension or annuity income would not be counted. If you have more questions what is not counted feel free to contact me directly at 727.492.0314. For traditional IRA’s the limits are the same as Roth IRA’s. You can contribute up to $5,500 in a year, or up to $6,500 if you are over 50. This is what is known as a Catch Up Allowance. Now these contributions can be made at any point thought the year in any increment, and even all the way up to tax time. So in 2016, for instance, you can make a contribution any time from January 1, 2016 all the way to April 17, 2017. Now remember that we said these contributions are made pre-tax or sometimes you may hear people say they are tax deductible contributions. Well, this is true but there are some limitations. If you (or your spouse, if you are married) have a retirement plan at work your deduction may be limited. Also your deductions may be limited if your income exceeds certain levels. Remember we’re here to help if you have questions. Now if you don’t have a retirement plan at work then your contributions should be fully deductible. If you are ready to take a withdrawal from your account, surely that can't be all that complicated right? You do have to follow some rules. Any and all deductible contributions that you have made over the years, along with earnings are taxable when you withdraw them. Also, if your under the age 59 ½ you may have to pay an additional 10% tax penalty for an early withdrawal. Now there are exceptions to this. Some of the exceptions that are allowed are for first time homebuyers, or maybe you want to go back to college. In any case the IRS is very particular about this so you may want to get some help. Now in a Roth IRA, the original owner of the Roth isn’t ever required to start taking distributions but in a Traditional IRA this is not the case. In a traditional IRA you must start taking distributions by April 1 following the year in which you turn age 70½ and by December 31 of each year after. Basically, after you turn 70 ½ start taking your money out or the IRS will take it for you. If this is a little overwhelming or if you have more questions feel free to contact us at 727.492.0314. At Jazz we are here to help you in every step of your financial journey. Unlike the old school advisors that make money by selling you commission based products, our business model is to put the client first. We only grow when you grow and we give you every possible tool to help you grow along the way. The best part is you keep your account in your name, and we never have access to your hard earned funds. For more information: http://www.jazzwealth.com/iraguidelines.html #ira #traditionalira #iratampa #traditionaliratampa #irastpetersburg #traditionalirastpetersburg
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How To Create A Tax Plan For Your Retirement
 
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This is it. My full length presentation on how to create a tax plan for your retirement. As you approach retirement your tax situation will likely get more complicated. The Tax Cuts that went into effect on January 1st 2018 created some of the lowest tax rates we have seen in decades. The question is, what steps should you be taking today to protect your retirement assets before the tax rates expire. In this video case study I outline a 5 step action plan to help retirees create a tax plan for their retirement... As always, if you have questions, or if you would like to schedule a free no obligation introductory call just give us a call at 248-731-7829. ★☆★ SUBSCRIBE TO Bill'S YOUTUBE CHANNEL NOW ★☆★ https://www.youtube.com/c/MoneyEvolution 💻 MoneyEvolution blog: http://moneyevolution.com Learn More about our WealthVision Comprehensive Financial Plan:http://moneyevolution.com/wealthvision/ ✰✰✰Check out the Free Resources Section on our Blog: http://moneyevolution.com/money-evolution/free-resources/ ★☆★ CONNECT WITH BILL ON SOCIAL★☆★ ▸Twitter: https://twitter.com/billlethemon ▸Facebook: https://business.facebook.com/moneyevolutionhome/?business_id=2088834288111917 ▸Linked In: https://www.linkedin.com/in/billlethemon/
Просмотров: 828 Money Evolution
Simplified Employee Pension (SEP)
 
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Advantages of SEPs and how they work In addition to Keogh plans, there's another, even simpler pension plan for sole proprietors and small corporations called the Simplified Employee Pension or SEP. A SEP account is a cross between a 401(k) account and an IRA. With a SEP account, you open an IRA account and then your employer deposits money into the account on your behalf. After the money's deposited, it's your money, and you can treat it as you would any IRA money. The employer gets to deduct the contribution as a wage expense, and the contribution never shows up on your W-2 as taxable income so you both win. If you're self-employed, you take your SEP contribution as an adjustment to your income on the front page of your 1040, like you would do if you had an IRA or a Keogh plan. One advantage that a SEP offers relative to a Keogh plan is its simplicity of administration. There are fewer forms because the employer is no longer responsible for management of the money after it's been deposited in the employee's account. Disadvantages of SEPs There are, however, some drawbacks to using a SEP relative to the more cumbersome Keogh account. First, you can't save as much using a SEP. With a SEP, a self-employed person can put away up to 13 percent of their net income for themselves. Employers can also contribute up to 15 percent of the salary of each employee. The employer must contribute the same percentage to all employees who have worked for him for three years or more, and all contributions are immediately vested with the employee. This is stricter than the 401(k) account which allows vesting over five to seven years. A SEP is quite flexible, however. If things are good one year, you can contribute 10 percent or more to all eligible employees. If you've had a bad year, you can skip contributions entirely. SIMPLE Plans Just as we were going to the studio to record this tape, Congress passed a law which allows a new form of retirement accounts for small businesses called the Savings Incentive Matching Plan for Employees, otherwise known as SIMPLE. Believe me folks, I didn't come up with this name. The politicians in Washington did. Anyway, a SIMPLE plan allows workers to save up to $6,000 of their own money into an IRA. Employers must provide a flat match of 2 or 3 percent of each worker's salary. Because these are new plans, we don't have much information on them, but if you're in a small business, you should ask your mutual fund or bank for information on SIMPLE plans. Self-employeds should set up Keoghs or SEPs If you're self-employed you should seriously consider setting up a SEP or Keogh plan for yourself. Most of the Keogh plans are easy to set up, and SEPs are even easier. Both Keoghs and SEPs allow you to save much more money than an IRA. SEPs and Keoghs can be set up easily through most mutual funds or banks. These institutions have plan documents that usually already have received approval from the IRS. To set up your own retirement plan just fill out the paperwork and send in a check. If you work for a small business that currently doesn't offer a retirement plan, you should ask your employer about setting up a SEP or a Keogh plan. You can do this in a win-win manner. Instead of haggling with your boss over a 5 percent raise, cut a deal with him. Tell him you'll take a 3 percent raise if he sets up a retirement plan. Because of the tax savings possible through retirement plans, both you and your boss could come out ahead on an after-tax basis. Copyright 1997 by David Luhman http://moneyhop.com/scripts/retirement-planning/100-simplified-employee-pension-sep
Просмотров: 4370 MoneyHop.com
Retirement Plan and IRA Rollovers
 
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Find out how you can roll over funds in an IRA or retirement plan into another account. For more information, go to https://www.irs.gov/rollovers
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New Tax Rate for the Canada Pension Plan (2016)
 
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The Federal Government is planning to increase the Canada Pension Plan contribution rate in order to deduct more from your earnings, which will increase retirement benefits in the future. However, these changes will lead to positive and negative effects on you, as a Canadian. 0:33 - 1. What You Need to Know 1:09 - 2. The Contribution Rate 1:44 - 3. What's Changing? 3:11 - 4. Good or Bad Changes? Visit our website for more information and tax-related advice: http://madanca.com Follow us on social media Twitter: https://twitter.com/Madan_CA Facebook: https://www.facebook.com/MadanCharteredAccountant/ Instagram: https://www.instagram.com/madanaccounting/ Google+: https://plus.google.com/108551869453511666601/posts Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Просмотров: 3712 Allan Madan
Essentials of Retirement Taxation & Tax Planning
 
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Description
Просмотров: 272 Michael Graff
Solo 401k for Small Business: Tax Deductions
 
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http://www.sensefinancial.com Having a Solo 401k plan for small business is not only a great way to save for your retirement future. It can also help you and your business take advantage of the tax benefits available. In this Solo 401k Quick Tip video, let's take a look at the tax deductions that small business owners can claim with a Solo 401k plan. For more information please visit our website or call us at 949-228-9394. A Solo 401k for small business offered by Sense Financial can provide many tax-saving benefits. Solo 401k contributions are tax deductible for the account holders. For corporations, salary deferral contributions can be deducted from the W-2 income, and profit sharing contributions are deducted from the business income. Sole proprietorship and other unincorporated businesses can deduct Solo401k contributions from the plan owner’s personal income. Keep in mind that the salary deferral contributions to a Roth Solo 401k are not tax deductible. But with a Roth Solo 401k, account holders can enjoy tax-free withdrawals instead during their retirement.
Просмотров: 530 SenseFinancial.com
403b Retirement Plans Made Simple - An Ed4Ed Guide
 
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http://ed4ed.org breaks down 403b retirement plan into an easy to understand video. Watch this video to learn about 7 important benefits 403b plans provide. Some of the many benefits offered by this type of retirement plan includes: Tax Deductible Contributions - Not only are you able to contribute your pre-taxed income, but you can also deduct contributions from your federal tax payment. Multiple Investment Options - Choose a provider you are most comfortable with to administer your plan. Taxes Paid When Money is Withdrawn - You will not have to pay taxes until you withdraw the money at a later date. Roth Options - Some employers will allow Roth contributions to 403b plans. Savings Grow Tax Free - No taxes on interest AND no capital gains. Loans Could Be Taken Against Plan - Some plans may allow you to barrow from you plan. Details regarding consequences can vary. Contribution Limits Higher Than IRA Plans Find additional tips at http://ed4ed.org/403b-457-plans/what-is-a-403b-plan https://www.facebook.com/ed4ed.org/?ref=hl https://www.facebook.com/403btsa/?ref=hl
Просмотров: 3806 Ed4Ed.org
Tax Strategies For High Income Individuals
 
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For more information on our WealthVision Financial Plan check out our info page here; http://moneyevolution.com/wealthvision/ For access to the 7 Core Elements of Retirement Planning Video Series and Action Guide Click here. http://moneyevolution.com/7-core-elements-yt/ Do you have money saved for retirement in a non-retirement account? Make too much money to contribute to a Roth IRA. Are you getting hit with the 3.8% Medicare surtax on investment income? In this episode I discuss strategies to potentially shift more of your investment assets to tax advantaged retirement accounts that could save you money in taxes. Even if you don't qualify for a Roth, or already think you're maxing out all of your retirement plans, you may still have options! After watching this video Check out our comprehensive financial plan to learn how we can help you address the 7 core elements of retirement planning. http://moneyevolution.com/wealthvision/ Blog http://moneyevolution.com/2018/04/27/tax-strategies-for-high-income-individuals/
Просмотров: 3567 Money Evolution
Roth 401k contributions
 
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Roth 401k is an employer-sponsored retirement plan. Understand Roth 401k contribution limits to make the retirement savings choice that fits your needs with the help of this Educational Video that also states difference between Roth 401k vs Roth IRA . For More Videos Visit Our website: - http://www.trpcweb.com/education/education-videos/
Просмотров: 56 The Retirement Plan Company, LLC
How Do 401 K Profit Sharing Plans Work?
 
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Age weighted and new comparability profit sharing plans. Employees voluntarily elect to make pre tax contributions through payroll deductions up an 15 jun 2016 can a discretionary profit sharing contribution be made safe harbor 401(k) plan? If yes, is it subject testing? Yes. But a company can have other types of retirement plans, such as 401(k), along with profit sharing plan. This means a retirement plan with employee contributions, such as 401(k) or something similar, is not profit sharing because of the personal contributions. This is the annual amount any individual employee can contribute and receive into their 401(k) plan in a given year 24 oct 2017 deferral limits for plans. General overview 401(k) profit sharing plan. A 401(k) profit sharing plan is simply a standard with an additional option tacked on. Profit sharing plans can be written so the employer 6 jan 2017 profit work in a variety of ways. Pro rata or permitted disparity allocations generally pass this test 30 nov 2017 despite the name, profit sharing plans don't actually have much to do with your company's profits. Amounts distributed can be dependent on salary, and profit sharing used as a supplement to existing benefit plans well. Employees can benefit from a 401(k) plan even if the employer makes no contribution. What is a profit sharing plan and what kind of account does it reside vs. So you are fortunate 2 feb 2017 and, while both 401(k) employer match and profit sharing can be put on pause in any given year, the plan is modeled to incentivize employees work harder during year boost potential contribution amount employee receive. How 401(k) profit sharing helps small business owners maximize retirement topics 401k and plan contribution limits question of the week how do plans work? Youtubewhat are differences between a vshow does What is plan? The balance. A profit sharing plan is any retirement that accepts discretionary employer contributions. The amount allocated is usually based on the employee's salary level or within organization 22 jan 2014 contribution does not impact you can put into 401k. Safe harbor 401(k) plans answers to common questions. Profit sharing if the plan allows for profit contributions (either in lieu of or addition to 401(k) deferrals match) contribution amounts are discretionary each year (including no contribution). 401(k) profit sharing plans mgksretirement plans 401k profit sharing. In addition, federal 401k and profit sharing plans are both forms of retirement. The plan will these plans work best where the rank and file employees are younger than selected target group of more perceive 401(k) as a valuable benefit which have made them most popular retirement today. No extra work (if you offer a 401(k) already) some and other retirement plan providers (like usProfit sharing what kind of account does it reside is profit plan? Retirement hq. Profit sharing plans the nuts and bolts of a great benefit guideline. The one that will work best. 401(k)s
Просмотров: 120 Clix Clix
403b Retirement Savings Plan
 
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http://ed4ed.org breaks down 403b retirement plan into an easy to understand video. Watch this video to learn about 7 important benefits 403b plans provide. Some of the many benefits offered by this type of retirement plan includes: Tax Deductible Contributions - Not only are you able to contribute your pre-taxed income, but you can also deduct contributions from your federal tax payment. Multiple Investment Options - Choose a provider you are most comfortable with to administer your plan. Taxes Paid When Money is Withdrawn - You will not have to pay taxes until you withdraw the money at a later date. Roth Options - Some employers will allow Roth contributions to 403b plans. Savings Grow Tax Free - No taxes on interest AND no capital gains. Loans Could Be Taken Against Plan - Some plans may allow you to barrow from you plan. Details regarding consequences can vary. Contribution Limits Higher Than IRA Plans Find additional tips at http://ed4ed.org/403b-457-plans/what-is-a-403b-plan https://www.facebook.com/ed4ed.org/?ref=hl https://www.facebook.com/403btsa/?ref=hl
Просмотров: 377 Ed4Ed.org
SEP IRA Vs SIMPLE IRA : Small Business Retirement Plans
 
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SEP IRA Vs SIMPLE IRA : Small Business Retirement Plans. The math for employees and owners of the SEP IRA and SIMPLE IRA are different so make sure to check the math before you decide. In this video, I go over the highlights of the plans to help you make a decision. SIMPLE IRA: 2% Non-Elective Match means every employee gets a contribution from the employer even if they don't contribute anything. 3% Elective Match is to encourage employees to save too. If they don't want to save then the employer doesn't have to match. It's dollar for dollar. So if the employEE contributes 1% of their compensation to their SIMPLE Plan then the EMPLOYER only has to match 1%. SEP IRA is ALL employer funded. Simplified Employee Pension IRA Savings Incentive Match Plan for Employees IRA SEP IRA Calculation for the small business owner https://www.irs.gov/retirement-plans/self-employed-individuals-calculating-your-own-retirement-plan-contribution-and-deduction 💸 FOR MORE FINANCIAL PLANNING & ASSET MANAGEMENT 💸 Try out our financial planning tool today. http://bit.ly/financial-planning-tool About Travis Sickle: https://www.sicklehunter.com/travis-t... twitter: @travissickle Instagram: https://www.instagram.com/travistsickle/ Company Website: https://www.sicklehunter.com twitter: @sicklehunterfa facebook: https://www.facebook.com/SickleHunterFA/ Travis Sickle CERTIFIED FINANCIAL PLANNER™ Sickle Hunter Financial Advisors 620 E Twiggs Street Suite 304 Tampa, FL 33609 TRAVIS T SICKLE, CFP®, AAMS®, CRPC®, RICP®, AIF® CERTIFIED FINANCIAL PLANNER™ Financial Advisor Tampa, FL
Просмотров: 582 Sickle Hunter Financial Advisors
Defined Benefit Plan or 412(e)(3) Retirement Plan
 
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www.thebybeeagency.com Learn one of the most underutilized business owner retirement plan that lets you deduct up to $350,000 off your taxable income by using a Defined Benefit Plan otherwise known as a 412(e)(3) retirement plan. Hi, my name is Adrian Bybee, and in this video, you’re going to learn about a retirement plan that will let you deduct up to $350,000 a year from your business income and secure a retirement benefit that will be there no matter what when you retire. Ok so what is this amazing retirement vehicle? It is called a 412(e)(3) Defined Benefit plan. Every wonder why a 401(k) is called a 401(k) well it is in reference to the IRS Tax code section that the rules are in. So this plan is no different you can find all the legal and tax jargon to this plan under the IRS code section 412 subsection e subsection 3. Okay now that the name is out of the way let’s talk about this plan. First off this plan is for business owners only unfortunately. Now all you 1099er’s out there this is also for you. So if you have a 1099 or have few to no employees this plan is perfect for you. How would you like to be able to write off up to $350,000 a year from your taxable income? How do I do that Adrian? Well you go to your favorite financial professional and say hey this Adrian guy was talking about this amazing retirement plan called a 412(e)(3) plan and I think I want to do that. But maybe before you do that you keep watching this to make sure this is something that fits your wants. Since these are defined plans they are funded in a certain way. Unlike other retirement plans that have full funding limitation and the funds are in the market these funds must be placed in a vehicle that has contract guarantees as funding assumptions and since these assumptions are required to be much more conservative it gives you the ability to have a larger deduction than a traditional plan. The other cool thing about these plans is that retirement benefits are guaranteed by an insurance company and not just the financial strength of the particular employer providing the plans. Ok so what does this means for you? Well it means that you have a way that you can divert a large amount of money each year from your taxable income into your own retirement plan that gets to be deducted for taxes and guarantees you a retirement income, two things that every business owner likes, paying fewer taxes and having a secure retirement income. Ok so in this video you just learned about one of the most underutilized retirement plans for small business owners and independent contractors. If you have further questions contact a trusted financial professional to discuss your options in more detail, good luck and until next time. If you have any questions please comment below or fill free to contact me at 208-904-1473. You can also continue the conversation on twitter with @thebybeeagency or @Bybee25. https://youtu.be/GhPTE3nTjJU
Просмотров: 104 The Bybee Agency, LLC
What is a MEGA BACKDOOR ROTH IRA contribution?
 
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This video explains in detail what the Mega Backdoor Roth IRA contribution is, a way to bypass the contribution limit on Roth IRAs (which is currently $5,500) and stash even more of your cash away in a tax advantaged account. The Mega Backdoor Roth Ira is a way to bypass the CONTRIBUTION limit of a Roth IRA The (regular) Backdoor Roth IRA is a way to bypass the INCOME limit of a Roth IRA, which I explain here: https://youtu.be/ycY1vDiT0cM
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Retirement Plans & Investments : How to Determine a Maximum Roth IRA Contribution
 
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Determine the legal maximum Roth IRA contribution by consulting a licensed counsel about contributions for the current year. Discover how Roth IRA contribution limits generally raise in $500 increments to adjust for inflation with information from a financial adviser in this free video on individual retirement accounts. Expert: William Rae Contact: www.hbwfl.com Bio: William Rae has been licensed in the insurance and financial fields for more than 30 years. Filmmaker: Christopher Rokosz
Просмотров: 286 ehowfinance