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5 mistakes that will put your 401(k) plan at risk
This article summarizes some risks that employers may get into when setting up a retirement plan.
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State-Mandated Long-Term Care Insurance update
State-mandated long-term care insurance requires residents to purchase a minimum level of LTC coverage or participate in a state-run program. In this article we will discuss the progress made by each state with pending LTC legislation.
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Cheaper than ever to set up a 401k plan. Here is why.
To ease the burden for small businesses, the SECURE 2.0 Act created a substantial new startup tax credit based on contributions the employer made on behalf of participants and expanded the existing startup tax credit on employer plan...
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FDIC, SIPC, and Repayment Priority: Three Things You Should Know to Secure Your Wealth
Silicon Valley Bank, a well-known bank specializing in the technology and innovation sectors, failed just two days after experiencing a $42 billion withdrawal.Signature Bank, one of the largest commercial banks involved in the digital...
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Financial planning strategies for women
As International Women's Day approaches, it's a good time for women to assess their financial planning strategies and make adjustments to seek to ensure that they are on the right track to work toward their long-term goals.
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The Secret to Saving Thousands on Your Partnership and S Corp Tax: Pass-Through Entity Election
Are you a small business owner looking to reduce your tax burden? Have you paid more than $10,000 in state tax and property tax but only got $10,000 deduction at the federal level due to SALT limit? If you answered YES to both...
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What you should know about Secure 2.0
The SECURE 2.0 Act has been enacted into law, bringing a number of changes that aim to improve the stability of the retirement system and increase Americans' financial readiness for retirement. The law expands upon previous legislation...
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2023 Tax Deadlines You Should Know
At Taurus Financial, we understand that running a business can be time-consuming and may not leave much energy for the often-stressful task of tax filing. To help make this process as smooth as possible, it is helpful to mark important...
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What You Should Do Before 12/31 to Save Tax
Once again, it is time to consider your year - end tax saving strategies. Essentially, year - end tax saving involves timing the income and deductions to reduce tax liabilities...
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What does the new Inflation Reduction Act (IRA) mean to you?
Inflation Reduction Act (IRA) was signed into law on August 16th, 2022, aimed at promoting clean energy, lower health care cost, revitalize American manufacturing and the most importantly, tax code reforming.
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How To Avoid Estimated Tax Penalty?
We all know that all taxpayers must pay taxes on the income they receive. However, the IRS has made your life more difficult by requiring taxes on your income to essentially be prepaid, usually quarterly.
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RSU – Keep or Sell?
Since the financial crisis of 2007 and 2008, investors have become accustomed to a protracted bull market with only temporary dips. However, in recent months, the Fed has quickly transitioned from being accommodative to becoming...
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Retirement Account Tax Saving Series III – Distribution of Retirement Plan
A distribution from a retirement plan is when the account owner withdraws money from the retirement account. The withdrawals might trigger a tax or penalty under certain circumstances.
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Assets Performance during 1970 - 1980
Stagflation is a period of combined high inflation and unemployment with weak economic growth. Gold was a clear winner during the 1970s stagflation period, followed by Commodities and REITs.
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Retirement Account Tax Saving Series II – How to be Eligible to Contribute to an IRA
One of the most frequently asked questions by everyone was “Can I contribute to an IRA?” To help answer this question, we will be referencing numbers from the year 2022 throughout the article. ContributionTraditional...
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Rich People’s Headache
The Tax Cuts and Jobs Act (the “ACT”) had doubled lifetime gift and estate tax exemption amount from $5.49million to $11.18 million per individual. This exemption is indexed for inflation, and it increases annually based on...
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Retirement Account Tax Saving Series I – How to Save Taxes by Utilizing Your 401k & IRA
The United States has available an assortment of different retirement plans, such as 401k, 403B, Cash Balance plans, multiple distinct IRA’s, Profit-Sharing Plans, and Pension Plans, etc. Typically, people are confused about...
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Goodman Triangle?
Well, we hope none of us would like to be stuck in an eternal triangle, and we believe most of us have heard of the mysterious place Bermuda Triangle. However, have you heard of the term “Goodman Tringle”? Today, let...
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Lost Money from ARKK, but still need to report capital gain?
"I lost money from investments last year, but why do I still need to report capital gain tax?" Find out the answer in our short video below, and subscribe to our YouTube channel. Script by Tina Sun, CFA, EA; video created by Shiyun Ye.
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Who Sold My RSUs?
"Why do I still owe tax while I did not sell any of my RSUs?" Find out the answer in our short video below, and subscribe to our YouTube channel. Script by Yisha Wang, CPA; video created by Shiyun Ye.
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Incentive Stock Options 101
Have you ever wondered, my company is growing fast, and the stock price has been increasing, but my salary stays the same unless I receive a promotion? How can I benefit or be compensated with the company improvement as a loyal...
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7 Types of Equity Award the Employer May Grant and How They Work
In general, the 7 types of equity award can be categorized under 3 main groups: Share-based awards, Options-based awards, and Equity Awards Plus Performance.Three Share-based awards: might worth something at vesting (if the company...
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