Family-owned businesses are arguably the most enduring and universally recognized institution in history. From small mom-and-pop shops to multi-billion-dollar businesses, those of us elbow deep in the concept know one thing: family-owned companies embody stability, longevity and a dedication to the value of family.
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year.
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If you qualify, they may help lower your tax bill. (more…)
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and avoid paying taxes on future withdrawals.
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in which they turn 70½.
As we discussed in last month’s blog, networking is good for business. And, networking events are ideal for meeting people, and building a network of contacts. But, it’s about more than just signing up for an organization and attending a few events. It’s about seizing the networking opportunities!