US Tax Payers with Foreign Bank Accounts that exceeded $10,000 any time during the year in 2012 must file US Treasury Department Form TD F90-22.1. This is not a Tax Form and is Due June 30, 2013 to the Treasury Department. See IRS Publication 4261 for details. eFile or Paper File this form.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, June 24, 2013
Monday, June 17, 2013
" What Is SEP Employee Retirement Plan ? "
Eligible Employees include anyone who is at least 21 Years old and who worked for the Employer during at least 3 of the last 5 years and received at least 550$ in compensation in 2012. High Lights are listed below:
1. Allowable Contribution is 25% of the wages can be contributed. The Maximum Contribution is limited to $50,000.
2. 10% Penalty For Early Withdrawal (Before 59 1/2 Yrs. Age) with some exceptions. Withdrawals must begin after 70 1/2 Age.
3. Plan must be established and contributions made by Tax Return due date including extensions.
4. Employer contribution is not required. Borrowing is not permitted.
5. Rollover to SEP IRA, Traditional IRA, or Qualified Plan is permitted.
6. Penalty for excess contribution is 6%.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Allowable Contribution is 25% of the wages can be contributed. The Maximum Contribution is limited to $50,000.
2. 10% Penalty For Early Withdrawal (Before 59 1/2 Yrs. Age) with some exceptions. Withdrawals must begin after 70 1/2 Age.
3. Plan must be established and contributions made by Tax Return due date including extensions.
4. Employer contribution is not required. Borrowing is not permitted.
5. Rollover to SEP IRA, Traditional IRA, or Qualified Plan is permitted.
6. Penalty for excess contribution is 6%.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, June 10, 2013
" What Self Employed Should know about the SEP Plans ?"
Anyone, regardless of age with Self Employed (SE) Income is eligible to participate in Self Employed Retirement Plan. If contributions are made for Self Employed, they must also be made for eligible employees. High Lights are listed below:
1. Allowable Contribution is 20% of Net SE Income after SE Tax Deduction. The Maximum Contribution is limited to $50,000.
2. 10% Penalty For Early Withdrawal (Before 59 1/2 Yrs. Age) with some exceptions. Withdrawals must begin after 70 1/2 Age.
3. Plan must be established and contributions made by Tax Return due date including extensions.
4. Employer contribution is not required. Borrowing is not permitted.
5. Rollover to SEP IRA, Traditional IRA, or Qualified Plan is permitted.
6. Penalty for excess contribution is 6%.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Allowable Contribution is 20% of Net SE Income after SE Tax Deduction. The Maximum Contribution is limited to $50,000.
2. 10% Penalty For Early Withdrawal (Before 59 1/2 Yrs. Age) with some exceptions. Withdrawals must begin after 70 1/2 Age.
3. Plan must be established and contributions made by Tax Return due date including extensions.
4. Employer contribution is not required. Borrowing is not permitted.
5. Rollover to SEP IRA, Traditional IRA, or Qualified Plan is permitted.
6. Penalty for excess contribution is 6%.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
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