Ong & Company Blog

Cutting Taxes on Retirement Plan Distributions

Cutting Income Taxes on Your Future Retirement Plan Distributions:...

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Five Year End Tax Reminders

Here are five tax saving ideas that can be used by most taxpayers. But act soon, there's not much time left until our tax year comes to an end....

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Back Door ROTH IRA Contributions

Richard Ong / April 04, 2019 /

Retirement Savings

Don't give up quickly if your path to contributing to a Roth IRA is blocked by tax law limits. Despite the obstacles, upper-income taxpayers may be able to take advantage of a backdoor Roth IRA. IRA ...

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Avoid Tax on Required IRA Distributions

If you are an IRA owner, the IRS requires that you withdraw a minimum amount (RMD) from your IRA each year after your required beginning date. However, some IRA owners may not need the money or don’t ...

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Simplified Employee Pension Plans

Small business owners: Consider an SEP One type of retirement plan that often fits the needs of small business owners is the Simplified Employee Pension (SEP). Typically, accounts are set up as SEP ...

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Retirement Plans Required Distributions

Richard Ong / December 30, 2017 /

Retirement Savings

Once you've retired, you may think you have it made, especially if you've managed to save enough money through IRAs and employer-sponsored plans like 401(k)s. But you still have to meet the tax ...

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Hardship Withdrawals From Retirement Plans

Richard Ong / September 29, 2017 /

Retirement Savings

Suppose you need to borrow money in a hurry and your only obvious option is a bank loan with sky-high interest — if you can even obtain one. Consider an unusual source: your 401(k) plan or IRA....

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Avoid Taxes Due To Multiple IRA Rollovers

Richard Ong / August 25, 2017 /

Retirement Savings

The tax rules are relatively lenient for rollovers to a traditional IRA. For instance, if you transfer funds from your 401(k) plan to an IRA within 60 days, there's no tax liability on the transfer. ...

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Avoid the 10% Penalty for Early Withdrawals

Richard Ong / June 05, 2017 /

Retirement Savings

Life sometimes throws you a financial curve ball. So, you may have to take money out of your Traditional IRA earlier than you had planned. Your early withdrawal will be taxed, and if you withdraw the ...

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Retirement Savings Tax Credit

Richard Ong / April 02, 2017 /

Retirement Savings

If you have a child graduating from college this year, money can be tight as he or she embarks on a career. So it's often hard to convince your child to set aside money for a retirement date that may ...

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