Monthly Archives: April 2016

Retirement Plans for the Self-Employed Business Owner

Although employed individuals can no longer make contributions to their 2015 retirement savings, there is ample time to contribute to 2016 retirement savings. For the many self-employed individuals who don’t have a plan for retirement saving, this would be a good year to start catching up.  Multiple options are available: Simplified Employee Pension (SEP) IRA. The most popular choice for sole proprietors with no employees, the SEP IRA is easy to establish and administer and… Read More »

Tax Freedom Day Approaches

Taxpayers will have a reason to celebrate later this month. According to the Tax Foundation, this year’s Tax Freedom Day® falls on April 24. On that date, the nation as a whole will have earned enough to pay the total federal, state and local tax bills for the year. “Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers… Read More »

National Financial Literacy Month

April has been designated National Financial Literacy Month since 2004, when the United States Senate passed a resolution highlighting the importance of financial literacy and teaching consumers of all ages to manage money wisely. Because of the financial challenges American families are currently facing, the observance may be particularly important today. Five years after the Great Recession, many are still feeling insecure financially. Wage growth has been weak in recent years. Researchers combining U.S. Census… Read More »

Recordkeeping Guideines

Complete, organized financial records can really simplify tax time. And keeping those records as long as you may need them can prevent future stress. Here are a few suggestions on maintenance time frames: Three to seven years. The IRS has three years to audit a return, and you have three years to amend one. So at a bare minimum, keep your federal tax returns and supporting documents three years. But it’s best to keep this… Read More »