A 401(K) is a type of retirement plan established by employers that permits employees to defer part of their salary on a pretax basis. Early withdrawals from a 401(k) plan or IRA accounts are subject to a 10% penalty prior … read more
Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k) or 403(b) plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to the 3.8% … read more
The IRS has recently announced the cost-of-living adjustments affecting dollar limitations for pension plans and other retirement related accounts for the 2014 tax year. The 401(k) and IRAs will remain unchanged at the current limits as the IRS explained that … read more
Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Here are five things you should know about early withdrawals from retirement plans. 1. An early withdrawal normally means taking money from your … read more
During the economic struggles of the past few years many people have had to look in new directions to find the financial support to make it through. If you happen to be facing, or anticipate facing, major financial obligations one … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
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