BCG_SOCIAL-IMAGES_RETIREMENT-PLAN_AH_V01

  Roth IRA Traditional IRA 10% penalty for withdrawals prior to age 59½ Yes** Yes** Tax-deductible contributions No Yes*** Tax-deferred accumulation Yes Yes Tax-free distribution Yes No Mandatory minimum withdrawals requiredto start at age 70½ No Yes   *Withdrawals after age 59½ may be taxable if the Roth IRA has not existed for at least five years. Penalty-free withdrawals can be taken due to death or disability, and for qualified first-time home purchases. **Early withdrawals

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BCG_SOCIAL-IMAGES_BUSINESS-PLAN_AH_V01

Without a doubt, income tax laws are complex. Yet, many individuals do their own income tax returns. Sure, the advent of personal income tax software has somewhat eased this burden. Tax preparation software is reasonably inexpensive. However, you still have to gather all the information. But, on the plus side, most software allows you to try several different scenarios and see which is best for your particular situation tax-wise. Some of the programs allow you

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BCG_SOCIAL-IMAGES_RETIREMENT-PLAN_AH_V02

If you are in your twenties, you may think it’s too early to start planning for your retirement. Be assured, it’s never too early. Following are a few tips to consider in planning to feather your nest and nurture your nest egg. 1) Calculate your monthly expenditures and your income. This should include medical costs, transportation costs, and installment payments, as well as household bills and credit card bills. 2) Consider allocating a portion of

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BCG_SOCIAL-IMAGES_BUSINESS-OWNER_AH_V01

In this competitive and recession-squeezed market, providing superior customer service can make all the difference in both your reputation and your success. All business owners would like to believe their organization provides exceptional customer service. While many businesses boast about their standards, how many are truly successful in delivering a quality of customer service that keeps even the most demanding clients coming back for more? Smaller companies may find it difficult to compete with larger

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BCG_SOCIAL-IMAGES_TAX-PLAN_AH_V02

Tax planning is more advantageous when done during the year and well in advance of year’s end. Opportunities exist for you to minimize tax liability, which will leave more income for you and/or your family. Generally, people put off tax planning because paying income taxes is an obligation. So, this “negative” view causes frustration. It is often simpler to say, “Let’s see how everything shakes out between January 1 and April 15.” However, after December

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BCG_SOCIAL-IMAGES_CHARITY_AH_V01

Whether you are Bill Gates, Warren Buffet, or just an ordinary Joe, the gifting principles, tax benefits, and philanthropic rewards of charitable giving can be relatively the same, regardless of how large, or how small, your gifting program. The potential for a charitable income tax deduction or an estate tax reduction, coupled with an enhanced charitable image and sense of personal fulfillment, can make the gifting of assets very attractive. The fact is, you don’t

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BCG_SOCIAL-IMAGES_CHARITY_AH_V01

Did you know that you can gift a new or existing life insurance policy to your favorite charity? When properly designed, a charitable life insurance program may improve your overall financial situation and offer tax benefits, all while supporting a charitable cause. Generally, there are three methods used to gift a life insurance policy to a qualifying charity: a charitable bequest, a charitable gift, and a charity-owned policy. Regardless of the strategy, policy ownership and

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BCG_SOCIAL-IMAGES_ESTATE-PLAN_AH_V02

The Internal Revenue Service (IRS) requirements for the valuation of a business through a buy-sell agreement for estate tax purposes are as follows: 1. The buy-sell agreement must be a bona fide arm’s length transaction. 2. The agreement must obligate the estate of the deceased shareholder to sell only to the surviving shareholders (who, in turn, are not obligated to buy the shares). 3. The agreement must prohibit all shareholders from disposing of their interests

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BCG_SOCIAL-IMAGES_BUSINESS-OWNER_AH_V01

Qualified plans, such as a 401(k) plan, offer excellent benefits for small business owners. These plans can provide a multitude of tax advantages that combine to deliver far more tax leverage than most people may imagine. Here is a list of the advantages a 401(k) plan may provide for your company: 1. Within the limits of the present tax and ERISA (Employee Retirement Income Security Act) rules, the business receives a current income tax deduction

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