Tax legislation passed in the mid-1990s limited annual contributions to qualified retirement plans, restricting the ability of business owners, professionals, and key highly compensated employees (HCEs) to save for retirement on a tax-favored basis. To help assure adequate retirement income, there are a number of nonqualified alternatives, including the traditional deferr
Business owners have a tremendous opportunity to generate significant rewards from a business in which they have invested heavily. However, as with any opportunity with the potential for great rewards, there are great risks, many of which have the potential to create a serious financial hardship on a business.
A business will is far more than a legal document designed to transfer assets upon the death of an owner or partner. It is a comprehensive estate planning tool that can include everything from management plans, and other documents necessary for a company’s continued operation and future health, to shareholder buy-sell agreements.
With rates as low and competitive as they have ever been, it’s as close to a “buyers” market in life insurance as you’ll see. Still, with a goal to be as efficient as possible with financial resources, curbing all costs and expenses is a priority for most people, and buying life insurance is no different.
When preparing for your retirement, think about how much income you may need each year to fund the lifestyle you want. To help maintain your living standard, you may need to save enough money to supplement other sources of retirement income, such as a company pension and/or Social Security. It is also important to be aware of how your age factors into your retirement decisions.
As the saying goes there are two things that are inevitable: death and taxes. And, out of those two sure things, you can only really plan for your taxes. It should be no surprise when tax season surely and steadily rolls around again, yet every year there are plenty of individuals who file for a tax extension (in 2014 there were approximately 12 million Americans who did so).