Posted by Michael H. Abernathy Jr, CPA Although Congress incentivizes individuals to save for retirement by allowing various tax-free savings vehicles, they do eventually require taxpayers to dig into their nest eggs. When taxpayers reach age 70 ½ they must withdraw at least a specified minimum amount of funds from their retirement accounts each year. These required minimum distributions (RMDs) … Continued
Author Archives: Mike Abernathy
Posted by Michael H. Abernathy Jr., CPA For S-Corporation owners, complex regulatory environments and constantly changing tax laws make deciding upon the correct method and amount to pay yourself a burdensome endeavor. S-Corporation owners have an incentive to characterize income taken out of their business as owner distributions instead of wages to avoid payroll taxes and create potential Qualified Business … Continued
Many people may not be aware of the fact that teenagers may contribute to IRA’s.
Taxpayers need to be careful when operating a business with consecutive losses.