![Do I Have To File Taxes? | [Full Guide Inside]](https://ssofficelocation.com/wp-content/uploads/2021/09/individual-income-tax-return-form-1040-150x105.jpg)
Many people think that they will need to file an income tax return when tax time rolls around regardless of how much money they made. That is simply not true! Whether or not you need to file a return is based on your gross income and filing status for the year, but you might be Read more…
Personal Finance Resources & Guides
Is Life Insurance Taxable? | 3 Ways To Avoid Taxes On Payouts
Most people know how life insurance works generally, but questions start arising when you get deep into the details. When a beneficiary receives a life insurance payout, do they owe taxes on that payout? Some life insurance policies are quite large, so paying income taxes on the proceeds of a policy could lead to a Read more…
The Social Security Tax Limit Explained | Full Guide
If you have taken a look at your paycheck stub recently, then you have likely noticed a withholding for the Social Security tax and Medicare tax. The Social Security tax covers Social Security benefits for those who receive retirement benefits or disability benefits on a monthly basis. But, did you know that there is a Read more…
Profit Sharing Guide: What It Is & How It Works | Full Guide
A profit sharing plan is one kind of retirement plan that an employer may offer its employees. It allows the company to share part of the company’s profits with its employees thus giving them a sense of ownership in the company. This type of plan can be very lucrative for employees, though the employer has Read more…
Backdoor Roth IRA | What Is It & How It Works (Full Guide)
If you are familiar with retirement plans, then you probably already know how a traditional IRA works. Many people choose to place money into a Roth IRA so that they can enjoy the money tax-free at retirement. However, the IRS places income limits on the ability to contribute to a Roth IRA. So, what happens Read more…
Mega Backdoor Roths: What Is It & How They Work | Full Guide
Most people want to maximize the amount of money they stash away for retirement, but the IRS places limits on how much you can place into your retirement accounts each year. What do you do when you want to save more than that and still get the tax benefits? Is it even possible? By utilizing Read more…
401(a) Plan vs. 401(k) Plan: What Is The Difference? | Full Guide
 When it comes time to choose a retirement plan, the options can often be confusing. Since most retirement plans are employer-sponsored, the plans that are available to you might depend on your work situation. Many employees in the private sector have access to a 401k while those who work for educational institutions, government agencies, Read more…
401(a) Plan: What Is It? | Comprehensive Guide Inside
Unless you work for a government entity or a non-profit organization, you may have never even heard of a 401(a) plan. These plans are similar to 401(k) plans in some aspects, although there are a few major differences. The 401(a) can be a great way to save for retirement, so exactly how do they work? Read more…
403(b) Plan vs. 401(k) Plan: What’s The Difference? | (Full Guide) Inside
 When it comes to retirement planning, all the options available out there can get confusing. There are many plans out there, but do you really know the difference between a 401k, 403b, 457b, 401a, and all the others? You are not alone as most people have trouble when it comes to comparing all the Read more…
403(b) Plan vs. 457(b) Plan: What’s The Difference? | (Full Guide)
Many people only associate retirement accounts with a 401(k) or an IRA. However, not all employers offer these retirement savings options. A 401(k) is generally only available to those employed in the private sector, so what about government employees and others who work in the public sector? Many employers in this space offer either a Read more…
