Lost your job? Here are the tax aspects of an employee termination

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Lost your job? Here are the tax aspects of an employee termination

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March 8, 2022 , , ,

employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require you to make decisions that may affect your tax picture this year and for years to come.

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Thinking about participating in your employer’s 401(k) plan? Here’s how it works

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October 26, 2021 ,

401k

Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features.

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Retiring soon? 4 tax issues you may face

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June 8, 2021 , , ,

retirement tax

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications.

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Take advantage of a “stepped-up basis” when you inherit property

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July 21, 2020 , , ,

inherited assets

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

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What qualifies as a “coronavirus-related distribution” from a retirement plan?

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June 23, 2020 , , , , , ,

coronavirus-related distribution

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax.

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4 new law changes that may affect your retirement plan

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January 7, 2020 , , ,

law changes for retirement planning

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes.

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Using your 401(k) plan to save this year and next

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November 12, 2019 , ,

Roth 401(k) or Traditional 401(k)

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a tax-wise way to build a nest egg.

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