• May 2017 Business Due Dates

    1 May 2017
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    Happy May 1st! We’ve compiled your business due dates for this new month. Add these to your calendar NOW to stay on track!

    May 1 –  Federal Unemployment Tax 
    Deposit the tax owed through March if it is more than $500.

    May 1 – Social Security, Medicare and Withheld Income Tax
    File Form 941 for the first quarter of 2017. Deposit or pay any un-deposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.

    May 10 – Social Security, Medicare and Withheld Income Tax
    File Form 941 for the first quarter of 2017. This due date applies only if you deposited the tax for the quarter in full and on time.

    May 15 – Employer’s Monthly Deposit Due
    If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2017. This is also the due date for the non-payroll withholding deposit for April 2017 if the monthly deposit rule applies.
    Contact Dagley & Co. with any questions regarding May’s due dates.

     

     

     

     

     

     

     

     

     

     

     

     

     

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  • February 2017 Business Due Dates

    6 February 2017
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    Are you a business owner? Be sure to follow these specific due dates regarding payroll, taxes, social security, etc. Remember: February is the shortest month of the year so we recommend keeping track of all due dates, and always plan ahead!

    February 10 – Non-Payroll Taxes

    File Form 945 to report income tax withheld for 2016 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time.

    February 10 – Social Security, Medicare and Withheld Income Tax

    File Form 941 for the fourth quarter of 2016. This due date applies only if you deposited the tax for the quarter in full and on time.

    February 10 – Certain Small Employers

    File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2016. This due date applies only if you deposited the tax for the year in full and on time.

    February 10 – Federal Unemployment Tax

    File Form 940 for 2016. This due date applies only if you deposited the tax for the year in full and on time.

    February 15 – Social Security, Medicare and Withheld Income Tax

    If the monthly deposit rule applies, deposit the tax for payments in January.

    February 15 – Non-Payroll Withholding

    If the monthly deposit rule applies, deposit the tax for payments in January.

    February 28 – Payers of Gambling Winnings

    File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2016. If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms was  January 31.

    February 28 – Informational Returns Filing Due

    File government copies of information returns (Form 1099) and transmittal Forms 1096 for certain payments you made during 2016, other than the 1099-MISCs that were due January 31. There are different 1099 forms for different types of payments.

    February 28 – Large Food and Beverage Establishment Employers

    File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.

    February 28 – Farmers and Fishermen

    File your 2016 income tax return (Form 1040) and pay any tax due. However, you have until April 18 to file if you paid your 2016 estimated tax by January 17, 2016.

     

    Contact Dagley & Co. with any questions or comments regarding this month’s due dates.

     

     

     

     

     

     

     

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  • January 2017 Business Due Dates

    5 January 2017
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    Are you a business owner, or is it your job to take control of your company’s accounting department? Don’t be overwhelmed by the new year! We’ve compiled a list of important due dates for you to remember. We advise you to write these down or add them to your phone/computer calendar! The due dates are as follows:

    January 17 – Employer’s Monthly Deposit Due –

    If you are an employer and the monthly deposit rules apply, January 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2016. This is also the due date for the non-payroll withholding deposit for December 2016 if the monthly deposit rule applies. Employment tax deposits must be made electronically (no paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.

    January 31 – 1099-MISCs Due to Service Providers & the IRS –

    If you are a business or rental property owner and paid $600 or more to individuals (other than employees) as non-employee compensation during 2016, you are required to provide Form 1099 to those workers by January 31. “Non-employee compensation” can mean payments for services performed for your business or rental by an individual who is not your employee, commissions, professional fees and materials, prizes and awards for services provided, fish purchases for cash, and payments for an oil and gas working interest. In order to avoid a penalty, copies of the 1099s also need to be sent to the IRS by January 31, 2017*. The 1099s must be submitted on optically scan-able (OCR) forms. This firm prepares 1099s in OCR format for submission to the IRS with the 1096 submittal form. This service provides both recipient and file copies for your records. Please call this office for preparation assistance.

    *This due date for the IRS’ copy is one or two months earlier than in prior years and applies when you have paid non-employee compensation that is being reported in box 7 of the 1099-MISC.

    January 31 – Form 1098 and Other 1099s Due to Recipients – 

    Form 1098 (Mortgage Interest Statement) and Forms 1099, other than 1099-MISC, are also due to recipients by January 31. The IRS’ copy is not due until February 28, 2017, or March 31, 2017 if electronically filed. These 1099s may be reporting the following types of income:

    • Dividends and other corporate distributions
    • Interest
    • Amounts paid in real estate transactions
    • Rent
    • Royalties
    • Amounts paid in broker and barter exchange transactions
    • Payments to attorneys
    • Payments of Indian gaming profits to tribal members
    • Profit-sharing distributions
    • Retirement plan distributions
    • Original issue discount
    • Prizes and awards
    • Medical and health care payments
    • Debt cancellation (treated as payment to debtor)

     

    January 31 – Employers – W-2s Due to All Employees & the Government –

    All employers need to give copies of the W-2 form for 2016 to their employees. If an employee agreed to receive their W-2 form electronically, post it on a website and notify the employee of the posting. NEW DATE: W-2 Copy A and Transmittal Form W-3, whether filed electronically or by paper, are due January 31 to the Social Security Administration. This is a month earlier than in the past.

    January 31 –  File Form 941 and Deposit Any Un-Deposited Tax –

    File Form 941 for the fourth quarter of 2016. Deposit any un-deposited Social Security, Medicare and withheld income tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return.

    January 31 – File Form 943 – 

    All farm employers should file Form 943 to report Social Security, Medicare taxes and withheld income tax for 2016. Deposit any un-deposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.

    January 31 – W-2G Due from Payers of Gambling Winnings –

    If you paid either reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of the W-2G form for 2016.

    January 31 – File 2016 Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment –

    If you file your prior year’s return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax Payment that was otherwise due earlier in January.

    January 31 – File Form 940 – Federal Unemployment Tax – 

    File Form 940 (or 940-EZ) for 2016. If your un-deposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return.

    January 31 – File Form 945 –

    File Form 945 to report income tax withheld for 20152016 on all non-payroll items, including back-up withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit any un-deposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.

     

    As always, if you have any questions about the due dates above, please give Dagley & Co. a call at (202) 417-6640.

     

     

     

     

     

     

     

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  • Excited About the Social Security Benefits Increase for 2017?

    30 December 2016
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    This Sunday begins what we’ve all been waiting for – 2017. In the New Year, the Social Security Administration (SSA) announced that Social Security benefits will be revised for a cost-of-living adjustment (COLA) increase of 0.3%. At the beginning of 2016, there was only a 0% increase. But, don’t get too excited too quickly, as the typical adult receiving benefits will see only a $4.00 increase in his/her monthly check.

    At the same time, the SSA bumped the maximum amount of earnings subject to the Social Security tax to $127,200, up from the current $118,500, an increase of 7.34%. Only about 12 million individuals will be affected by that increase since most American wage earners make less than the $127,200 maximum, and thus the increase will be borne by the 12 million higher-income taxpayers.

    The COLA is supposed to ensure that people receiving Social Security benefits continue to have the same purchasing power from one year to the next without regard to inflation. Older adults in particular need this inflation protection since their savings and other income tends to fall as they age, including their pensions, and their dependence on Social Security increases. The meager increase is due in part to the fact that the SSA uses a different consumer price index (CPI), which is much lower than the CPI used to adjust tax rates. It’s clear that the SSA’s CPI is not delivering adequate inflation protection to older adults.

    This is overshadowed by the fact that the Medicare Trustees in their June report cautioned that there could be a substantial increase in the Medicare Part B Premium for those currently paying $121.80 a month. These folks, whose premiums went up by over 16% for 2016, could see another increase that would bring their monthly premium to as much as $149, an increase of over 20% for 2017.

    If you are helping an elderly relative with their money situation, there also may be an opportunity for some tax benefits. Please call Dagley & Co. for some assistance as soon as possible.

     

     

     

     

     

     

     

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  • November 2016 Individual Due Dates

    28 October 2016
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    November 10 – Report Tips to Employer

    If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

    November 2016 Business Due Dates

    November 10 – Social Security, Medicare and Withheld Income Tax

    File Form 941 for the third quarter of 2016. This due date applies only if you deposited the tax for the quarter in full and on time.

    November 15 – Social Security, Medicare and Withheld Income Tax

    If the monthly deposit rule applies, deposit the tax for payments in October.

    November 15 – Non-Payroll Withholding

    If the monthly deposit rule applies, deposit the tax for payments in October.

     

     

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  • October 2016 Individual Due Dates

    30 September 2016
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    October 11 – Report Tips to Employer

    If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

    October 17 – Individuals

    If you have an automatic 6-month extension to file your income tax return for 2015, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.

    October 17 –  SEP IRA & Keogh Contributions

    Last day to contribute to SEP or Keogh retirement plan for calendar year 2015 if tax return is on extension through October 15.

     

    The October 2016 Business Due Dates:

    October 17 –  Electing Large Partnerships

    File a 2015 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. March 15 was the due date for furnishing Schedules K-1 or substitute Schedule K-1 to the partners.

    October 17 – Social Security, Medicare and withheld income tax

    If the monthly deposit rule applies, deposit the tax for payments in September.

    October 17 - Nonpayroll Withholding

    If the monthly deposit rule applies, deposit the tax for payments in September.

    October 31 – Social Security, Medicare and Withheld Income Tax

    File Form 941 for the third quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.
    October 31 –  Certain Small Employers

    Deposit any undeposited tax if your tax liability is $2,500 or more for 2016 but less than $2,500 for the third quarter.

    October 31 – Federal Unemployment Tax

    Deposit the tax owed through September if more than $500.

     

     

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  • Longevity Mandatory Taxable IRA Distributions – Are Qualified Longevity Annuities the Answer?

    20 July 2016
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    People may be concerned about outliving their retirement income as they live longer these days. This is true especially since tax law requires them to begin taking mandatory distributions from their retirement plans (such as IRAs) once they reach age 70.5. These distributions, called required minimum distributions (RMD), are generally determined by dividing the retirement account balance at the end of the preceding year by the individual’s life expectancy from an IRS annuity table. While most retirees need the money from these distributions to live on, some individuals may still be working or have other resources, and they may not want or need to withdraw funds from their retirement accounts at this time. Unfortunately, it isn’t as easy as just not taking some or all of the required distribution because, when less than the RMD is taken, a stiff penalty is applied equal to 50% of the difference between the RMD that should have been withdrawn and the amount actually distributed for the year.

    IRS regulations finalized in 2014 provide some relief for individuals who want to stretch out their retirement funds by allowing taxpayers to use up to $125,000 or 25% of their retirement account (whichever is lower) to purchase a qualified longevity annuity contract (QLAC) within the account. The amount used to purchase the QLAC is subtracted from the account balance, thus reducing the RMD from the retirement account each year until a specified time in the future when distributions from the annuity must begin.

    Although this is not a perfect solution, a QLAC can, in effect, delay the distributions associated with the funds used to purchase the QLAC until as late as the predetermined date for the start of the annuity payments (no later than age 85).

    As an example, Dan, who is age 72, has a traditional IRA with a balance of $700,000. From the IRS annuity table for age 72, Dan has an expected distribution period (life expectancy) of 25.6 years, and his RMD for the year would be $27,344 ($700,000/25.6). However, Dan could have purchased a QLAC in the amount of $125,000 (as this is less than 25% of $700,000) with IRA funds prior to the end of the year, thus reducing the IRA balance that is currently subject to mandatory distribution to $575,000. As a result, his RMD for the year would be $22,461. In addition, his QLAC would begin distributions at whatever date Dan selected for the start date (no later than age 85).

    Since Social Security (SS) income becomes taxable when half of the taxpayer’s SS benefits plus the taxpayer’s other income (including nontaxable interest income) exceeds $25,000 ($32,000 for married taxpayers filing jointly), using a QLAC to reduce a taxpayer’s RMD income can actually reduce the tax on the taxpayer’s SS income.

    QLACs do not apply to Roth IRAs, which have no RMD requirements and generally provide tax-free income.

    Although many taxpayers are not fans of annuities, they do provide a guaranteed income for life and address the risk of outliving their assets while also delaying distributions to a later time for those who are still working or who have no current need for distributions. Please call Dagley & Co. if you have questions about how a QLAC might apply to your situation.

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  • May 2016 Individual and Business Due Dates

    30 April 2016
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    The following are Individual, followed by Business, due dates for May 2016:

    Individual:

    May 10 – Report Tips to Employer

    If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

    May 31 –  Final Due Date for IRA Trustees to Issue Form 5498

    Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2015. The FMV of an IRA on the last day of the prior year (Dec 31, 2015) is used to determine the required minimum distribution (RMD) that must be taken from the IRA if you are age 70½ or older during 2016. If you are age 70½ or older during 2016 and need assistance determining your RMD for the year, please give this office a call. Otherwise, no other action is required and the Form 5498 can be filed away with your other tax documents for the year.

     

    Business:

    May 2 –  Federal Unemployment Tax Deposit the tax owed through March if it is more than $500.

    May 2 – Social Security, Medicare and Withheld Income Tax 

    File Form 941 for the first quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.

    May 10 – Social Security, Medicare and Withheld Income Tax

    File Form 941 for the first quarter of 2016. This due date applies only if you deposited the tax for the quarter in full and on time.

    May 16 – Employer’s Monthly Deposit Due

    If you are an employer and the monthly deposit rules apply, May 16 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2016. This is also the due date for the non-payroll withholding deposit for April 2016 if the monthly deposit rule applies.

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  • Minimizing Tax on Social Security Benefits

    18 March 2016
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    Are your Social Security benefits taxable and if so how many of them are? This depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits.

    For this discussion, the term “Social Security benefits” refers to the gross amount of benefits you receive (i.e., the amount before reduction due to payments withheld for Medicare premiums). The tax treatment of Social Security benefits is the same whether the benefits are paid due to disability, retirement or reaching the eligibility age. Supplemental Security Income (SSI) benefits are not included in the computation because they are not taxable under any circumstances.

    How much of your Social Security benefits are taxable (if any) depends on your total income and marital status. If Social Security is your only source of income, it is generally not taxable. On the other hand, if you have other significant income, as much as 85% of your Social Security benefits can be taxable. If you are married and filing separately, and you lived with your spouse at any time during the year, 85% of your Social Security benefits are taxable regardless of your income. This is to prevent married taxpayers who live together from filing separately, thereby reducing the income on each return and thus reducing the amount of Social Security income subject to tax.

    The following quick computation can be done to determine if some of your benefits are taxable: Step 1. First, add one-half of the total Social Security benefits you received to the total of your other income, including any tax-exempt interest and other exclusions from income. Step 2. Then, compare this total to the base amount used for your filing status. If the total is more than the base amount, some of your benefits may be taxable.

    The base amounts are: $32,000 for married couples filing jointly; $25,000 for single persons, heads of household, qualifying widows/widowers with dependent children, and married individuals filing separately who did not live with their spouses at any time during the year; and $0 for married persons filing separately who lived together during the year.

    Where taxpayers can defer their “other” income from one year to another, such as by taking Individual Retirement Account (IRA) distributions, they may be able to plan their income so as to eliminate or minimize the tax on their Social Security benefits from one year to another. However, the required minimum distribution rules for IRAs and other retirement plans have to be taken into account.

    Individuals who have substantial IRAs—and who either aren’t required to make withdrawals or are making their post age 70.5 required minimum distributions without withdrawing enough to reach the Social Security taxable threshold—may be missing an opportunity for some tax-free withdrawals. Everyone’s circumstances are different, however, and what works for one may not work for another.

    If you have questions about how these issues affect your specific situation, or if you wish to do some tax planning, please give Dagley & Co. a call.

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  • Are You Ignoring Retirement?

    24 January 2016
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    The time is now. If you’re still young, working 9 to 5, and caring for children or elders, retirement is something you need to be aware of and not put off for the last minute. Some people ignore the issue until late in life and then have to scramble at the last minute to fund their retirement. Others even ignore the issue altogether, thinking their Social Security income (assuming they qualify for it) will take care of their retirement needs.

    By current government standards, a single individual with $11,770 or a married couple with $15,930 of annual household income is at the 100% poverty level. If you compare those levels with potential Social Security income, you may find that expecting to retire on just Social Security income may result in a bleak retirement.

    You can predict your future Social Security income by visiting the Social Security Administration’s Retirement Estimator. With the Retirement Estimator, you can plug in some basic information to get an instant, personalized estimate of your future benefits. Different life choices can alter the course of your future, so try out different scenarios – such as higher and lower future earnings amounts and various retirement dates – to get a good idea of how these scenarios can change your future benefit amounts. Once you’ve done this, consider what your retirement would be like with only Social Security income.

    If you are fortunate enough to have an employer-, union- or government-funded retirement plan, determine how much you can expect to receive when you retire. Add that amount to any Social Security benefits you are entitled to and then consider what retirement would be like with that combined income. If this result portends an austere retirement, know that the sooner you start saving for retirement, the better off you will be.

    With today’s relatively low interest rates and up-and-down stock market, it is much more difficult to grow a retirement plan with earnings than it was 10 or 20 years ago. With current interest rates barely mirroring inflation rates, there is little or no effective growth. That means one must set aside more of one’s current earnings for retirement to prepare for a comfortable retirement.

    Because the government wants you to save and prepare for your own retirement, tax laws offer a variety of tax incentives for retirement savings plans, both for wage earners and for self-employed individuals and their employees. These plans include:

    Traditional IRA – This plan allows up to $5,500 (or $6,500 for individuals age 50 and over) of tax-deductible contributions each year until reaching age 70½. However, the amount that can be deducted phases out for higher-income taxpayers who also have retirement plans through their employer.

    Roth IRA – This plan also allows up to $5,500 (or $6,500 for individuals age 50 and over) of contributions each year. Like the Traditional IRA, the amount that can be contributed phases out for higher-income taxpayers; unlike the Traditional IRA, these amounts phase out even for those who do not have an employer-related retirement plan.

    myRA Accounts – This relatively new retirement vehicle is designed to be a starter retirement plan for individuals with limited financial resources and those whose employers do not offer a retirement plan. The minimum amount required to establish one of these government-administered plans is $25, with monthly contributions as little as $2. Once the total value of the account reaches $15,000 or after 30 years, the account must be converted to a commercial Roth IRA account.

    Employer 401(k) Plans – An employer 401(k) plan generally enables employees to contribute up to $18,000 per year, before taxes. In addition, taxpayers who are age 50 and over can contribute an extra $6,000 annually, for a total of $24,000. Many employers also match a percentage of the employee’s contribution, and this can amount to a significant sum for those who stay in the plan for many years.

    Health Savings Accounts – Although established to help individuals with high-deductible health insurance plans pay medical expenses, these accounts can also be used as supplemental retirement plans if an individual has already maxed out his or her contributions to other types of plans. Annual contributions for these plans can be as much as $3,350 for individuals and $6,750 for families.

    Tax Sheltered Annuities – These retirement accounts are for employees of public schools and certain tax-exempt organizations; they enable employees to make annual tax-deferred contributions of up to $18,000 (or $24,000 for those age 50 and over).

    Self-Employed Retirement Plans – These plans, also referred to as Keogh plans, allow self-employed individuals to contribute 25% of their net business profits to their retirement plans. The contributions are pre-tax (which means that they reduce the individual’s taxable net profits), so the actual amount that can be contributed is 20% of the net profits.

    Simplified Employee Pension (SEP) – This type of plan allows contributions in the same amounts as allowed for self-employed retirement plans, except that the retirement contributions are held in an IRA account under the control of the employee or self-employed individual. These accounts can be established after the end of the year, and contributions can be made for the prior year.

    Each individual’s financial resources, family obligations, health, life expectancy, and retirement expectations will vary greatly, and there is no one-size-fits-all retirement savings strategy for everyone. Purchasing a home and putting children through college are examples of events that can limit an individual’s or family’s ability to make retirement contributions; these events must be accounted for in any retirement planning.

    If you have questions about any of the retirement vehicles discussed above, please give Dagley & Co. a call.

     

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