An individual 401(k) plan is really nothing more than a combined profit-sharing plan and 401(k) plan implemented by a self-employed individual or small business owner with no full-time employees (unless the full-time employee is the owner’s spouse).
read more…The U.S. Department of Labor’s Employee Benefits Security Administration has issued a final rule to give the estimated 72 million participants covered by 401k-type retirement plans greater information regarding the fees and expenses associated with their plans in order to better manage their retirement savings.
read more…Your child can get benefits if he or she is your biological child, adopted child or dependent stepchild. To get benefits, a child must have:
read more…Effective January 1, 2014, Ohio’s minimum wage will automatically increase from $7.85 to $7.95 per hour for non-tipped employees.
read more…The IRS has noted errors on payroll tax returns claiming Hiring Incentives to Restore Employment (HIRE) Act benefits.
read more…The Internal Revenue Service has posted information on how a nonprofit under Section 501(c) can claim the Small Business Health Care Tax Credit by filing a Form 990-T with an attached Form 8941 that explains how the claimed credit was calculated.
read more…Revenue Procedure 2010-47 sets out the cost limitations for expensing property under section 179 for taxable years beginning in 2010. The aggregate cost of any section 179 property a taxpayer may elect to treat as an expense cannot exceed $500,000.
read more…The Internal Revenue Service issued new guidance allowing the continued use of health flexible spending arrangement (FSA) and health reimbursement arrangement (HRA) debit cards for the purchase of prescribed over-the-counter medicines and drugs.
read more…Mortgage debt can become overwhelming, but homeowners should be aware that there are exceptions that allow you to exclude certain cancelled debt on your principal residence from income.
read more…The Internal Revenue Service recently announced that interest rates would remain the same for the 2012 calendar quarter beginning on July 1.
read more…
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