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Law in the Marketplace: For some, an amendment to minimize 2020 taxes
Published: 3/13/2021 3:41:15 PM
As many readers who are business owners will know, section 199A of the Internal Revenue Code (the IRC) provides owners of “pass-through businesses” (i.e., sole proprietorship, S corporations and entities taxable as partnerships) with an annual federal income tax deduction of up to 20% of their share of the net income of their business. The importance of the section 199A deduction is huge; for many businesses, it can make the difference between business success and failure.
Furthermore, although section 199A is due to expire at the end of 2025, both the U.S. Senate and the House have just introduced bills that will make section 199A permanent. In my view, it is virtually certain that these bills will pass, since they will benefit at least 17 million business owners who are receiving section 199A deductions.
By Rod Smyth, Director of Investments
The Paradox of Youth: Why taking risk is ‘less risky’ and starting young may make a bigger difference than you think.
Recognizing that each saver has their own unique circumstances, RiverFront’s general advice for someone starting to save for retirement can be boiled down to four bullets:
Start as young as possible, save whatever you can afford.
If you can, we suggest saving 5-10% of your salary every year on a bi-monthly basis in a tax deferred account. Otherwise, start the process with something. (Maximize any employer matching in a 401(k),403(b), etc.)