Q: I own my own business and I am considering retiring. What should a business person do in order to retire?
A: Business people are in a unique situation when it comes to retirement and no two situations are exactly alike. Some business owners have large retirement accounts; others have nothing in formal retirement accounts. Other business owners have family looking to take control of the business, while others have family in other career paths. Generally though, the business owner should work and take steps towards maximizing his or her own wealth when it comes to a business. Simply closing shop or auctioning assets is usually not the way to go. It is worthwhile to sit down and talk to a professional.
Q: I am a business owner, how much can I put in retirement accounts?
A: We publish a newsletter each year with the applicable retirement account amounts. The most commonly used retirement device, the IRA, can take deposits of up to $5000 this year and have a $1000 catch up for those aged 50 or above. If you would like a copy of our retirement account tax tip, please call our office.
Q: I must amend an older tax return. How much time do I have to amend a previous year’s tax return?
A: For the most part you have 3 years from the filing date or 2 years after the taxes have been paid to amend a tax return, which ever is later.
By: Basi & Basi at the Center for Financial, Legal and Tax Planning for Transworld M&A Advisors