Types of Retirement Plans

With all the daily hustle and bustle involved with running your business, it’s easy to overlook one crucial item – saving for your retirement! Since there is a wide array of tax-advantaged retirement options available, in this edition of our Tax Update we have summarized some of the major tax benefits of the major plans.  These benefits generally include: For the employer, a current deduction for contributions made to the plan; and, for the employee, the tax-free accumulation of investment income.

Candidates’ Tax Plans: What’s the Difference? Part II

In Part I, we discussed the meanings behind some of the terms the candidates are using.  In this second installment, we have summarized the major tax policy initiatives of the candidates.
Chris Christie

Candidates’ Tax Plans: What’s the Difference? Part I

As the Presidential election season gets into full swing, where do the candidates stand on reforming the current tax system?  All of the candidates have tax proposals of one type or another, but beyond the political platitudes, what’s in the details? First though, let’s discuss a few of the terms you might hear tossed around.  You might hear phrases like “Flat Tax” and “Fair Tax.”  What do those mean and how are they different from our current tax system?

Planning for College; The Earlier the Better

For a parent with young kids, disposable income is a word not often heard.  But, finding a way and having the foresight to start saving for your kid’s college now will set your child apart from their peers once they graduate.  The college savings account or vehicle doesn’t have to be all on you.  Aunts, Uncles, and Grandparents can be great contributors to a college savings fund.  How often at birthdays does your child receive a gift only for it to be sold at a garage sale or given away 2 years later?  Why not put that money into a college savings account?  Too often college sneaks up on pa

State Tax Amnesty Programs

State budget shortfalls have resulted in many states offering short periods of amnesty to delinquent taxpayers.  Generally, amnesty periods gives taxpayers an opportunity to file prior year tax returns and/or pay outstanding tax liabilities with little or no penalties due and protection from civil and criminal prosecution for tax evasion.  Some states even grant amnesty for the interest due on the prior year taxes.  However, penalties are typically doubled if a taxpayer owes tax that is not paid by the end of the amnesty period.


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