Retirement legislation has often been characterized as being confusing and without obvious benefits. However, the IRS and the government at large has begun making a move towards more taxpayer friendly laws and clear communications. In late 2019, the SECURE Act was passed. This was a series of retirement law reboots that sought to make retirement planning more workable for the [...]
Last week we started a discussion about the Taxpayer’s Bill of Rights. This is an official IRS document that outlines what taxpayers can expect in the way of fair treatment. The first half of the list focused on elements of the product and the system. Now we’ll jump into the second half of the list which covers some more fundamental rights, as well as one that functions as an obvious olive branch.
Tax code can be confusing but that shouldn’t stop you from getting the maximum benefit. Let’s break down a recent tax change involving the new Solo 401(k) deadline and clarify what it means for you. (If you happen to enjoy tax law in all of its glorious complexity, you can check out the original Congressional bill here. Pay particular attention to Sec. 201.) Two Types of Solo 401(k) Contributions The Solo 401(k) [...]