• 07 Feb

    Posted at 16:50h in Web Extras by

    [caption id="attachment_90291" align="alignleft" width="300"] Photo Credit to Informa Markets[/caption] The 2022 Discover Boating Miami International Boat Show will provide guests with a unique experience to witness the world's most luxurious and exclusive superyachts and highly sought-after marine products. The joint production event by Informa Markets, the...

    03 Feb

    Posted at 17:12h in Web Extras by

    LinkedIn member hiring hit a new record in January, despite omicron fears: Nationally, across all industries, hiring in the U.S. was 8.1% higher in January 2022 compared to last month December 2021. National hiring was 27% higher compared to this time last year, and jumped 10.6%...

    03 Feb

    Posted at 16:22h in Banking/Financial Services/Insurance by
    Lidia Longa is a partner with Gerson Preston in the tax and accounting department. With more than 20 years of experience in the public accounting profession, Lidia has practiced in areas of income, estate, trust and corporate tax planning and compliance for domestic and international clients. She specializes in working with high-net worth individuals and owners of closely held businesses. One day, the work will end, but the planning for that day begins far earlier. We asked Longa about the features of, and differences between, popular retirement accounts. What's the sweet spot for employers to make the 401(k) match stand out? Most employers match 50 cents on the dollar up to 3 to 6% of an employeeโ€™s salary. Assuming your salary is $100,000 and if you contribute $20,500 (the maximum amount in 2022), then your employer will match 3%, or $3,000. For many employees this is free money, and they should take advantage of it, assuming they contribute to their 401(k). Can the contribution ever be put in a cash account, or does the employee always have to choose a fund? Contributions to a 401(k) plan can be invested in stock or bonds and even a cash account. The decision is a personal decision based on the employeeโ€™s comfort level. You should look into the manner the fund is set up, and do not assume if you do not make a decision the contributions will be left in cash, the plan may be setup to be invested in a default fund. Can you outline the basic differences between an IRA, SEP and Roth IRA? An IRA is an individual retirement account, assuming you have earned income the maximum contribution is $6,000โ€”or $7,000 if you are 50 years old and over. If you or your spouse have a 401(k), your contributions may not be fully deductible. A SEP is an individual retirement account that an employer or a self-employed individual can establish. Both the employer and the employee can contribute; the employer may deduct their contribution. The employee contribution limit is $20,500 in 2022 and the employer may contribute up to 3%. A SEP plan for a self-employed individual may contribute up to 25% of their earnings up to $61,000 for 2022. A Roth is also an individual retirement account using post-tax dollars. You do not receive a deduction for the contributions, made but the plan allows qualified withdrawals on a tax-free basis.
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