Banknotes

For the self-employed among us who want to capitalize on tax advantages, and are open to retirement-saving vehicles that go beyond the standard Roth and simple IRA, there's an alternative to consider: the solo 401(k).

Available only to small business owners/operators and their spouses, the solo 401(k) is an options for sole proprietors, S corporations, C corporations, and limited liability companies (LLCs).

Key employees are synonymous with results, professionalism, and character, making your company unique to your clients/customers. To you, and your business, they provide the stability and predictability you need to sustain profitability. You, your customers, and your other employees rely on this.

If you have key people (knowledgeable, leaders, skilled and reliable resources) whose contributions are so crucial that, without them, your business risks failure, key-person insurance should be considered to protect your business by giving you the financial wherewithal to regroup in the event of their loss.

If you follow national news, you may have heard of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Although yet to clear the Senate, the proposed legislation has seen broad, bipartisan support in the House of Representatives.  

At some point in our lives, we may inherit a home or another form of real property, which the Internal Revenue Service defines as “land and generally anything built on or attached to it.” To prepare for that possibility, it’s helpful to gain an understanding of some of the jargon that one can reasonably be expected to encounter when inheriting real estate. For instance, what does “cost basis” mean? And what is a “step-up,” and what kind of tax break does it offer?