The Third Best Investment You Can Make
The second-best investment you can make is paying off high interest rate debt (see CPA Client Bulletin, August 2016). That could come after you’ve contributed enough to your 401(k) to get a full match from your employer. If you have no expensive debt to pay down and you’re getting the full employer match, where should you direct your money? Here are our top three suggestions in this month’s newsletter.
Prenups Can Serve Many Purposes
You may think of prenuptial agreements as asset protection for the wealthy to prevent assets from passing to the future spouse in the event of death or divorce. This is true now that second (or even third) marriages are increasingly common, with children from prior unions to be considered. Read more on how to make a prenup a formal, voluntary and fair agreement.
Solo 401(k) Plans for Companies Without Employees
Among major corporations, 401(k) plans have become common, but even the smallest of businesses can have a 401(k) plan for retirement. One-participant 401(k) plans, known by names such as Solo 401(k) and Uni-k, are available. For some business owners and self-employed individuals, Solo 401(k)s may offer a chance to save more for retirement with tax advantages compared with other small business retirement plans. Learn the differences and payoffs of each in our June Newsletter.
Use our handy tax calendar for upcoming taxes due in June and July of 2017.