Simple Pension Plans |
There's a new type of retirement plan that's available for small businesses if they don't maintain any other retirement plan and have no more than 100 employees.
Roth IRAs & Roth Conversions
An IRA is the most basic sort of retirement arrangement. People tend to think of an IRA as something that just individuals do (hence the “I” in IRA). But an employer can help its employees to set up and fund their IRAs. With an IRA, what the employee gets at retirement depends on the funding of their IRA and the earnings (or income) on those funds.
Child and Dependent Care Credit
If you paid someone to care for a child or a dependent so you could work, you may be able to reduce your federal income tax by claiming the credit for child and dependent care expenses on your tax return, according to the IRS. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13. The credit is also available if you paid for care of a spouse or a dependent of any age who is physically or mentally incapable of self-care.
The HOPE "Scholarship" is not technically a "scholarship." It is a tax credit available to eligible students during their first two years of postsecondary education. The tax credit covers 100 percent of the first $1,000 of tuition and fees and 50 percent of the second $1,000 during the qualified period. The credit is nonrefundable.