Many employees of state and local governments are enrolled in 457(b) retirement plans. A 457(b) plan has similarities to a 401(k), but there are significant differences in regard to annual contribution limits. The annual contribution limit for some older participants in a 457(b) plan can be as much as twice that of their younger coworkers. Retirement plans operated in accordance with section 457(b) of the Internal Revenue Code are available to employees of a state or a political subdivision of a state.
27 October 2016
If you own a small business you might be wondering if you should hire someone to do your accounting or if you should try and do it yourself. In many cases you will find that it is better to hire someone and the benefit of having your finances done correctly is worth every penny you will pay the accountant. Here are some things that the accountant will do for your business.
20 September 2016
When it comes to your business, you need to make a good impression. One way to do this is through the invoices that you send. These invoices need to be designed well, professional and extremely accurate. You want to ensure that the customer notices them and pays them quickly. Here are a few tips to ensure that your invoices are created professionally and accurately: Make Sure the Numbers Are Spot on
8 August 2016
Writing a will is often not as simple as naming a beneficiary and signing your name on the dotted line. In order to make sure that your will considers all potentialities, take these steps before you start to write. Speak with Your Family When you are writing a will, it can be somewhat sensitive to bring family members into the process, but this can help to ensure that no one is surprised later on.
22 June 2016
With so many tax programs available many people wonder if there is any reason to hire a tax professional to help them with their taxes. Although there are circumstances where you can do it on your own, there are some instances where it is best to hire a professional to help you prepare your taxes. Here are some reasons to hire a professional. 1. You are Self-Employed Being self-employed has many advantages.
8 February 2016
Businesses are able to boost employee morale by offering fringe benefits. In addition to being tax-deductible by a company, some types of fringe benefits are tax-free to employees. Employers that provide qualified transportation benefits produce tax advantages for both the company and the employee. Section 132 of the Internal Revenue Code allows employees to exclude certain types of transportation payments from taxable income. The added benefit to the company is that qualified fringe benefits are not subject to Social Security and Medicare withholding.
27 July 2015
Many people wrongly assume that all an accountant can do is help you with your taxes. However, an accountant can actually help your small business year-round in a variety of different ways. Here are three ways an accountant can assist your small business: An Accountant Can Help You With Your Business Planning If you choose to work with an accountant on a day-to-day basis, they can help you keep track of all of your credits and debits, as well as your profits and losses, for each of your business assets.
1 July 2015