You did it. You made it to retirement. That light at the end of the career tunnel is within your reach now, and it's no bad days ahead. Sure, you're ready, you have trips planned in between days of no alarm clocks, and life is good. Before you slice the au revoir cake, here are a few last-minute retirement items to consider before the work party concludes.
The recently signed relief bill — the Consolidated Appropriations Act, 2021 — is letting those who have flexible spending accounts roll money over, which is a win for parents and those with live-in elderly loved ones.
An employer-sponsored retirement plan can be a great way for employers to show workers they care about employees' long-term financial prospects while giving workers a way to save on their taxes.
The pandemic relief package (Consolidated Appropriations Act, 2021) gives a break to small businesses by reopening the Paycheck Protection Program so that some of the hardest-hit small businesses can apply for a second loan.
Over the past 10 years or so, companies have spent trillions of dollars on research and development (R&D). To remain competitive after the Covid-19 pandemic ends, companies must continue making these investments. But they need to rethink how they do that.
As of this writing, 15 states and Washington, D.C., require paid sick leave, while eight states and Washington, D.C., require paid family leave. Many local governments also mandate paid sick or family leave.
The much discussed aid package has been signed into law after significant delay and controversy. We'll be revisiting this topic in the coming days as the details become clearer. Meanwhile, here are the key takeaways:
The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It's a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for the following:
One of the big investing stories of 2020 involved Robinhood and similar companies, which offer free or low-cost trades. Although such companies may claim to democratize investing, critics say these apps can "gamify" investing and encourage short-term excitement over long-term plans. For example, when users make their first trades, digital confetti falls in the app. It also includes a watch list of stocks for users to track. Robinhood's investment app stands out for offering a streamlined trading platform and free cryptocurrency trading. Its account minimum is $0.
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