With a 401(k) plan, you elect either to receive cash payments (wages) from your employer immediately, or defer receipt of a portion of that income to the plan. The amount you defer (called an “elective deferral” or “pre-tax contribution”)... Read more
There are a number of ways you can smooth the transition to your next job. To begin, you’ll want to plan on your job search taking six months and budget accordingly. Your budget should reflect the money you’ll need to use while looking for your new... Read more
The IRS places an automatic lien against your estate for any estate taxes that may be due. If your will leaves no specific provision about how these taxes are to be paid, state law generally controls how the burden of paying the taxes will be distributed among your... Read more
401(k) Plans Qualified cash or deferred arrangements (CODAs) permitted under Section 401(k) of the Internal Revenue Code, commonly referred to as “401(k) plans,” have become one of the most popular types of employer-sponsored retirement plans. With a... Read more
How can you get an estimate of your future Social Security benefits? Knowing how much retirement income you might receive from Social Security may help you decide when to begin claiming benefits, and how Social Security might fit into your overall retirement income... Read more
To determine your basis in property you received as a gift, you must know the property’s adjusted basis to the donor just before it was given to you, its fair market value (FMV) at the time it was given to you, and the amount of any gift tax paid with respect to... Read more