Ong & Company Blog

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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Tax Break For Employer Stock in Your 401K Plan

Richard Ong / December 16, 2016 /

Retirement Savings

The tax code contains a not-so-secret secret: the tax break for "net unrealized appreciation," which can help you save tax dollars when you have employer stock in your retirement plan. Here's how the ...

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Retirement Account Rollover Tips

Richard Ong / December 09, 2016 /

Retirement Savings

Are you transferring money between retirement accounts? Be aware of the rollover rules, which govern the tax treatment of retirement plan distributions....

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IRA Required Minimum Distribution Options

Richard Ong / October 24, 2016 /

Retirement Savings

Are you over age 70½? Do you own a traditional IRA? You may need to take a required minimum distribution from your account before year-end. If you don't need the income yet, you may be wishing you ...

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New Relief for Late IRA Rollovers

Richard Ong / September 09, 2016 /

Retirement Savings

Requesting forgiveness for an IRA rollover error may now be a bit simpler and less expensive, thanks to a recently-issued IRS procedure. If you inadvertently missed the 60-day time limit for making ...

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