Roughly 25 million small businesses are self-employed individuals and many do not have retirement plans in place.
With the April 18, 2023 tax-filing deadline approaching, it’s not too late to consider some strategies that could reduce taxable income. Investors may want to consult with an advisor who understands their individual financial situation before taking advantage of these strategies. Contribute to an individual retirement account (IRA). Taxpayers may make a tax-deductible contribution prior
Here are some of the top tax questions asked by advisors on our recent webinar.
Small business owners and sole proprietors may find a SEP IRA helpful in establishing retirement savings.
With their growth rate expected to nearly double that of 401(k) assets in the next five years, individual retirement accounts (IRAs) continue to be a leading segment in the retirement industry. Here are some highlights of the growing IRA market: 1. The traditional IRA represents the largest share of U.S. retirement assets. In a 2014
Being self-employed has many advantages, such as having more autonomy. But being in charge also means more responsibility for business finances and, in some cases, entrepreneurs neglect their own personal planning. Many entrepreneurs will not save enough for the future unless they make retirement savings a priority. A recent TD Ameritrade survey found that 40%
While clients who own businesses may be focused on day-to-day business activity, they may not be planning for retirement. In fact, the Small Business Administration reported in 2012 that more than 9 million self-employed individuals lacked retirement plan coverage, and that only 19.5% of workers in firms with less than 100 employees participated in a