Social Security has transformed many times since 1935 becoming more than just continuing income for the retired worker.
The Section 179 election makes it easier for small and medium-sized businesses to purchase new business equipment.
You may be able to gift cash up to your annual exclusion amount, and you can pay someone’s tuition directly, but watch for the gift tax gotcha when contributing to a 529 Plan!
Simplified Employee Pensions (SEPs) are a popular retirement plan for small businesses since they are easy to set up and administer. To set up a model SEP you complete Form 5305-SEP and retain it in the company’s files. A SEP-IRA account (similar to a Traditional IRA account) is opened for each participant at a selected financial institution.