If you are among those in the 401(k) “set it and forget it” crowd that rarely makes any changes to their account your 401(k) needs special attention if you have a decade or less until retirement.
Small business tax expert Jean Murray recently posted important reminders for owners of S Corporations based on the results of two recent tax court cases where the IRS ruled on S Corp owners not taking salaries. In one case the owner reported a net income for himself as president but didn’t issue a W-2 or report income from his S Corp.
With the S&P 500 Index up 23.5% as of November 1st the panic that gripped the markets five years ago during the financial crisis is a distant memory. Yet the anniversary of our economy’s biggest test since the Great Depression has prompted numerous articles reminding investors of Wall Street lessons learned that apply to Main Street.
Practice makes perfect. If at first you don’t succeed try try again.