When you die your 401k becomes part of your estate and is ultimately transferred to your beneficiaries. When you open your 401k at least one beneficiary is named who will inherit the funds upon your passing. If no beneficiary is named the 401k becomes part of your estate. If your spouse is the named beneficiary of the 401k, he or she would be able to roll it into their own 401k or IRA. The advantage is that your spouse will avoid the early...

Starting Your Chiropractor Practice If you’re thinking about starting your own chiropractor practice…congratulations! Hanging your own shingle is pretty exciting.  A well-known Chinese proverb revealed that a journey of a thousand miles begins with a single step. Starting your own chiropractor practice is no different. The good news is that there is huge demand for your services. A recent study showed that 35 million Americans seek...

If you do business in CT you may want to set up an S-Corp for tax benefits. However, you must understand the requirements that come along with it. Most CT business owners will find that the best reason to start an S-Corp is for tax savings, specifically self-employment tax (Social Security and Medicare), which has a rate of 15.3%. A CT S-Corp business owner pays Social Security and Medicare on their S-Corp salary which may be significantly less...

Prior to December 22, 2022 New Jersey required a separate election to set up you S-Corp with the State. The rules have changed since then. Now New Jersey only requires that a business show that they have S-Corp status at the federal level and be registered as a corporation with the NJ Division of Revenue and Enterprise Services (DORES). Your S-Corp acceptance letter is an important document that should be kept in the permanent file of the...

According to the IRS, Form 1099-K is used to report payments for the year from credit cards, debit cards and payment apps. Form 1099-K is created for sales on marketplaces such as eBay. Generally, the IRS requires these forms to be sent out by January 31 of the following year. For example, eBay can be expected to provide Form 1099-K for 2024 to sellers by January 31, 2025. They will also send the 1099-K to the IRS. You have to meet a threshold...