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Retirement represents a huge change in your lifestyle and finances. Plan and prepare ahead of time to enjoy a comfortable and rewarding retirement.
When you leave the corporate life to become a business owner, you lose the opportunity to continue contributing to your 401k. You can’t replace the employer match, if you received one, but you can create your own retirement plan.
When you sell a home that has been rented there are restrictions on your ability to exclude all of your gains. The exclusion is limited to the gain associated with the time your home was used as a primary residence. You cannot exclude any gain that may be attributable to depreciation allowed after May 6, 1997.
In most situations, if you sell your personal residence that you have lived in for 2 of the last 5 years, you will qualify for an IRC Section 121 Exclusion. Section 121 excludes gains of up to $250,000 for an individual and $500,000 for a married couple filing jointly. You must own your home and use it as your primary residence.
Going out on your own as an independent contractor, a consultant or a small business owner is a major decision that can have significant financial implications. You will need to earn 20% to 40% more as an independent contractor than as an employee just to stay even. Self-employed individuals have to pay twice the amount in Social Security and Medicare
When you need extra money to pay some bills, make home improvements or buy a new car, a 401k loan may seem like the perfect solution. At first glance, it seems like a great idea to borrow money from your 401k account and pay interest back to yourself.