Not everybody is familiar with precise definitions of pension terms like Highly Compensated Employee, but most of us would agree that someone with an annual salary of $500,000 sounds like an HCE. In most cases, we’d be right. But there is one instanc...
The beauty of a 401(k) plan is the flexibility it offers. As a business owner, your main priority may be to offer a 401(k) plan to attract top talent. Or you may want to have a 401(k) plan to reduce taxes by offering a match or a profit-sharing compo...
Are you a Baby Boomer close to retirement without the savings you need? If you’re still not ready to retire, you’re not alone. Every day, 10,000 Baby Boomers retire. Yet, 78% of 50-year-olds and 74% of 60-year-olds are behind in saving for retirement...
Are you guilty of having a 401(k) plan but can’t remember plan design or investment menu? If you answered yes, you are not alone. Many plan sponsors let their plan run on autopilot once it’s up and running, but it may be time to rethink your position...
Recently, we wrote about the challenges of determining retirement plan compensation for owners of S Corporations. Today, we will take a look at how plan compensation for sole proprietors is determined. The task is a bit harder for sole proprietors th...
Do you remember any songs from nursery school? I remember one that went something like this: "It’s time, time, time. It’s tickety time to tell time. And if you didn’t know what time it was, You’d have the most horrible, simply deplorable Tickety-tock...
Owning a dental practice can be very lucrative, but achieving financial success is not an easy road for dentists.
How much money do you make? How much did you make last year? For most of us, that is a fairly easy question. If you don’t know offhand, you can pull out a pay stub, tax return, or Form W-2 and get the answer.