401k Archives - BeachFleischman CPAs

Congress gives a holiday gift in the form of favorable tax provisions

December 30, 2019 Tax Department Tax Bites 401k, college costs, FCAA, IRA contributions, medical expense deduction, tax provisions, tax savings

Just in time for the holidays: A new law has been passed that may provide tax savings to you.

Using your 401(k) plan to save this year and next

November 13, 2019 Daniel Bishop Tax Bites 401(k)plan contribution rate, 401k, MAGI, Roth IRA

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end.[ … ]

Still working after age 70½? You may not have to begin 401(k) withdrawals

March 27, 2019 March 26, 2019 Tax Department Tax Bites 401k, 401k withdrawals, RMDs

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in[ … ]

Four Money-Saving Mid-Year Financial Planning Tips

June 16, 2017 June 15, 2017 Joy Cervantes Entrepreneurs 401k, budget, financial planning, tax, tips

It’s almost exactly the mid-point of the year, which makes it prime time for a mid-year financial review. If you need some monetary motivation for evaluating your financial progress so far this year, you may want to think of mid-year planning as a series of potential money-saving opportunities, for example: Save tax dollars by evaluating[ … ]

Tax-smart options for your old retirement plan when you change jobs

October 7, 2016 October 6, 2016 Tax Department Tax Bites 401k, direct rollover, early-withdrawal penalty, IRA, Retirement Plan, tax-deferred savings

There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep building tax-deferred savings, it’s important to make an informed decision about your old plan. First and foremost, don’t take a lump-sum distribution from your old[ … ]

Internal Controls for Employee Benefit Plans

November 11, 2014 May 9, 2016 Travis Jones Employee Benefit Plans 401k, Eligibility, EPCRS, Hardship distribution, Internal Control, Plan compensation, Plan Document, plan sponsor, VFCP

When an employee benefit plan is implemented, it is important for the plan sponsor (or employer) to communicate the roles and responsibilities of the affected departments, typically human resources, payroll and accounting. The human resource department communicates information about the benefit plan to employees as part of the orientation process, as well as monitors eligibility[ … ]