What types of IRAs are available?
The two major types of IRAs are traditional IRAs and Roth IRAs. Both allow you to contribute as much as $5,500 in 2017 (unchanged from 2016). You must have at least as much taxable compensation as the amount of your IRA contribution. But if you are married filing jointly, your spouse can also contribute to an IRA, even if he or she has little or no taxable compensation, as long as your combined compensation is at least equal to your total contributions. The law also allows taxpayers age 50 and older to make additional "catch-up" contributions.
IRS Releases New Income Tax Withholding Tables
The Internal Revenue Service (IRS) has released IRS Notice 1036, Early Release Copies of the 2018 Percentage Method Tables for Income Tax Withholding.
At Brooks Financial Group, we feel the current market correction is healthy and long overdue after the historically benign conditions over the past year had led measures of investor sentiment to become increasingly elevated in recent weeks. We continue to feel the fundamental backdrop for equity markets remains strong based on a combination of accelerating global economic growth, robust corporate earnings, and subdued inflation, and we remain constructive on the outlook for global equity markets in 2018. Based on this outlook, we recommend that investors remain disci
Business owners are a special breed with unique financial needs. Learn about the benefits of having a financial advisor to help you realize the financial rewards of your business investment.
Now that comprehensive health-care reform has been signed into law, how will it affect you? While some portions of the law become effective in 2010, other provisions are phased in over time. Nevertheless, it is almost certain that at least some of these reforms will have an effect on you and your family.
How will health coverage change?
You may have heard that the health-care reform legislation passed in 2010 requires all employers to provide health insurance to their employees. That is not the case. But the law does try to encourage employers to offer health insurance by imposing penalties on larger employers that don't offer affordable health insurance coverage, and by offering incentives in the form of tax credits to smaller employers who do provide their workers with affordable health-care coverage.