Everyone knows saving for your retirement is important. One attractive option is the Roth IRA. Contributions to a Roth IRA are not deductible in the year they are made as traditional IRAs, but they grow tax free and will not be taxed in retirement when distributions are taken. For 2017, total IRA contributions (traditional and Roth) are limited to $5,500 ($6,500 if you are age 50 or older). Unfortunately, not all taxpayers are eligible to make contributions to a Roth IRA. For 2017, your modified AGI must be
BWTP P.C. offers services outside of the general accounting and attestation services people usually consider when talking about an accounting firm. We like to emphasize that we are a full-service accounting firm, but we also go a step beyond that to help our clients as much as possible. We’d like to spotlight one of those extra services that we offer this week and that is our BWTP Transition Solutions. BWTP Transition Solutions is another service we offer to help with dental practice transitions. Whet
Did you realize that some companies actually utilize two sets of books? Companies often have a set of books for income taxes and one to comply with Generally Accepted Accounting Principles (GAAP). There are numerous differences that exist between accounting for income taxes and GAAP. Examples of items that create differences between taxable income and net income (GAAP) are: Accelerated depreciation for income taxes, particularly using bonus depreciation, Section 179, or Modified Accelerated Cost Recovery Sy
Qualified retirement plans are intended to provide income to participants when they reach retirement age. Required minimum distributions (RMDs) are the distributions that must be made from the retirement plan in order to meet regulations and avoid significant penalties. The IRS requires that participants who have attained age 70 1/2 and also own more than 5% of the company stock must begin to receive annual minimum distributions (RMD) from the retirement plan in the year in which he or she turns age 70 1/2.
As a business, you are required to keep documents for a period of time. These records can take up a lot of storage; whether that be in your office or on your computer hard drive. The general rule of for record retention is seven years, with some exceptions. Below are some recommended lengths of time to retain business records for all types of businesses: Retain records for 7 years: Bank statements and reconciliations Payroll tax records Inventory records Sales records Travel and Entertainment documents &nbs