Normally, the word “refund” sparks visions of putting a hefty tax return toward a big-ticket item you’ve had your eye on or getting a little extra cash to pad your day-to-day budget. Read more…
The IRS Provides New Clarity on Required Minimum Distributions from Inherited IRAs
After a few years of confusion and waivers, the IRS released clarifying information on inherited IRAs in the summer of 2024. Before we unpack the latest information, let's recap the 2019 legislation. Read more…
What to Look for to Improve Your 401(K) in 2024
As another year begins, there is a lot on business owners' minds. How do I keep my best employees? How do I reduce business expenses? Now is a great time to assess portions of your business. Is there a better, cheaper, way to do something? Is there a way to make your team's life easier? Read more…
Learn How Business Owners Can Save $75,000 a Year Into Their 401(k)
For many people, the question “How much can I save into my 401(k)?” has a simple answer. If you are under age 50 in 2024 you can save $23,000 into your 401(k). If you are over 50 you can save $30,500. Read more…
Small Business 401(k) Retirement Plans - Safe Harbor Match vs. Safe Harbor Non-Elective
For a myriad of reasons – from automatically passing ADP testing, helping with Top-Heavy failures, or owners saving $60,000+, many businesses choose to use a Safe Harbor formula in their 401(k) retirement plan. Let’s find out what the Safe Harbor formulas are and why you may choose one over the Read more…
My 401(k) Failed the Top-Heavy Test. Now What?
What is the top-heavy test? 401(k) plans must be tested annually to determine if they are top-heavy. The top-heavy test compares the account balances of “key employees” to those of “non-key employees.” If the sum of all key employee balances exceeds 60% of the total plan balance the plan is Read more…
2021 Retirement Plan Limits
The IRS announced the new limits for 2021 retirement savings and the amount that 401(k) participants, or participants in similar employer sponsored plans can save is staying the same. Read more…
Own a Business? 3 Reasons 2020 is a Great Year To Review Your 401(k)
2020 has been hard for small businesses; those who remain open have often had to make painful operating decisions for all concerned. Hopefully, your employees understand you’re not taking those decisions lightly. But they can still be frustrating. Read more…
Start Your Company’s 401(k) Plan for 50% Off
For many business owners, starting a 401(k) plan is both expensive and an administrative challenge. 401(k) plans can be a great benefit to your employees, but is it worth it for you and your business? Read more…
What Business Owners Should Look for in a 401(k) Advisor
We know business owners don’t start their business to oversee healthcare plans or manage a 401(k) plan. However, benefit plans are necessary to recruit and keep employees, so it’s important to find someone you can trust will help your plan, your employees, and your business. Read more…
