All You Need to Know About Form 5500
Like many other small employers, you probably provide health insurance and a pension plan. Do you have to fill in the 5500 form with the United States Department of Labor (DOL) and the Internal Revenue Service (IRS)? Not filling out the form as required can lead to severe penalties. As a result, it is important […]
Financial Advisors Need to Protect Their Assets Under Management From Robo Advisors
As a financial advisor, you manage investments for your clients. With the threat of Robo advisors looming large, financial advisors are having to rethink their entire business model. There is a limit to the investment returns that can be generated for a given risk profile. It will also be impossible to beat the robot advisors […]
How Self-Employed Save More and Improve Retirement Planning
Thanks to our services, the self-employed are able to save thousands of dollars and improve their retirement planning. Use our Self Employed Tax Calculator for an estimation of the contributions. Do you know that one of the largest deductions available to a self employed individual is that of a retirement plan! Many people think only […]
Pension Schemes That are Better Than SEP-IRA
One of the best-kept secrets of the pension industry is a type of pension plan that provides much larger contributions to the business owners than a SEP-IRA. If you have employees, please scroll below to the section titled, Small Business with Employees. If you do not have employees, please keep reading: The pension plan with […]
Strategy for Self-employed Person in Relation to Taxable Income and Deductions
Self-Employed Tax Deductions is a much sought-after topic all year round, and why should it not be! As a self-employed individual, you work hard taking all the business risk only to realize that you have to pay a large portion of that in taxes. In this article, we try to focus on self-employed tax deductions […]
We Assist You in Selecting Ideal Retirement for You
There are several retirement plans out there in the market, and each one is more complicated than the other. Selecting the best plan for yourself and your firm is no easy task and it often leads to frustration. To make the task easier, we narrow it down to just two variables that are crucial in […]
Why are Pension Plan Document Needed?
Simply put, a pension plan document is like the Constitution of a country. It outlines all the rules and regulations governing the pension plan. Note that the IRS makes certain things mandatory and the plan document cannot overrule those. For a few other things, the plan document can be a little more liberal within IRS […]
Cares Act, 2020- Provisons for Retirement Plan
The Corona Virus pandemic has hit the US economy so hard that the bureaucratic machinery swung into action to pass legislation that seeks to make it easy for individuals and businesses to survive this downturn. The most recent one is the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) signed into law on March 27th, 2020. Several provisions in the […]
Floor Offset Plan Advantages Over Cash Balance Plan
Is a Floor Offset Plan better than a Cash Balance Plan? The answer to the above question varies based on the circumstances of the plan sponsor, ownership structure, demographics, and the amount of liability the sponsoring company wants to assume. Let us address these issues one by one: Ownership structure: A traditional defined benefit plan is […]
Advantages of Defined Benefit Plan
Defined Benefit plans can prove to be the best pension plan if you are a self-employed individual or small business owner with a lot of free cash flow and over the age of 50. It can also significantly reduce your income tax liability each year and increase your retirement savings manifold. Small business owners are also […]
