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Monday, 9 December

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Don’t be afraid of probate

Stephen Leazzo

Posted By: Stephen Leazzo

Posted November 27, 2019 / No comments

The word “probate” may conjure images of lengthy delays waiting for wealth to be transferred and bitter disputes among family members. Plus, probate records are open to the public, so all your “dirty linen” may be aired. The reality is that probate doesn’t have to be so terrible, and often isn’t, but both asset owners

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Parental priorities: How to choose a guardian for your child

Keith Orr

Posted By: Keith Orr

Posted November 26, 2019 / No comments

If you have minor children, arguably the most important estate planning decision you need to make is choosing a guardian for them should the unthinkable occur. If you haven’t yet made this decision, formalize your choice as soon as possible. When it comes to choosing the best candidate, you probably already have a short list

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Using an e-certification process for 401(k) hardship distributions

Robert Tighe

Posted By: Robert Tighe

Posted November 13, 2019 / No comments

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.

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You may be ABLE to save for a disabled family member with a tax-advantaged account

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 5, 2019 / No comments

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Eligibility

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Small businesses: Stay clear of a severe payroll tax penalty

Timothy King

Posted By: Timothy King

Posted November 4, 2019 / No comments

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the

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Review and revise job descriptions for everyone’s benefit

Robert Tighe

Posted By: Robert Tighe

Posted November 1, 2019 / No comments

A job description may seem like just so many words on a page or website. But those words have power. They can either set an employer and employee on a path toward a positive, fruitful relationship or on a downward spiral into confusion and conflict. To keep your organization on the road to success, review

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Setting up a Health Savings Account for your small business

Timothy King

Posted By: Timothy King

Posted October 15, 2019 / No comments

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax

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Taking distributions from your traditional IRA

Timothy King

Posted By: Timothy King

Posted August 22, 2019 / No comments

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family

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A few basics of safe harbor 401(k) plans

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 10, 2019 / No comments

A few basics of safe harbor 401(k) plans Many growing businesses and other types of employers want to offer a 401(k) plan but don’t want to deal with the stress and administrative challenges of following the IRS’s nondiscrimination testing rules for elective deferrals and matching contributions. One potential solution may be to set up a

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The Department of Labor proposes updated overtime rule

Robert Tighe

Posted By: Robert Tighe

Posted March 22, 2019 / No comments

The Department of Labor proposes updated overtime rule The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs). It also increases the total

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