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Posts Tagged ‘internal revenue code’

June 16th, 2010

What is a 408(k) Plan?

(Money Manager) - A 408(k) is a plan that allows employees of smaller companies and those who are self-employed to save money for retirement. Although many people think the 408(k) term is the actual name of a plan, it is really a term that describes an Internal Revenue Code. This code defines and details the Simplified Employee Pension account, which is commonly referred to as an SEP account. These plans allow individuals to contribute to a retirement plan account using their pre-tax dollars. The use of pre-tax instead of after-tax dollars can effectively reduce an employee's income for the year, which can result in significant tax savings for the individual.

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September 15th, 2008

Abusive Tax Schemes

(Money Manager) - Abusive tax schemes have evolved from simple structuring of abusive domestic and foreign trust arrangements into sophisticated strategies that take advantage of the financial secrecy laws of some foreign jurisdictions and the availability of credit/debit cards issued from offshore financial institutions.

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September 5th, 2008

529 College Savings

(Money Manager) - A 529 Plan is a way to save for college that provides special tax advantages not available through regular savings. These plans are named after Section 529 of the Internal Revenue Code which governs them.

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