Filing a tax extension buys you time, but only if you use it wisely. From revisiting your April payment estimate to gathering missing documents and staying on top of current-year obligations, the months between now and October 15th are a valuable planning window. Read on to learn how to make the most of your extension and avoid a costly repeat of the same tax challenges next year.
Tag: K-1
Understanding K-1 Income in Retirement Plan Design
A frequent and complex challenge for retirement plan advisors can be properly defining compensation for plan eligibility and contribution purposes, including income reported on a Schedule K‑1. Improper reporting of K-1 income may result in compliance errors, contribution miscalculations, and/or plan disqualification. What is K-1 Compensation? Owners of partnerships and LLCs taxed as partnerships typically… [keep reading…]