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What is a SIMPLE IRA? Everything You Need to Know

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Most people are familiar with retirement savings plans, like a 401(k) or a Roth IRA. It’s an easy-to-manage retirement account that lets you make tax-deferred contributions. Keep reading to learn more about this retirement plan and how it stacks up against other options. What is the SIMPLE IRA contribution limit for 2023?

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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. If you’re not quite sure about the differences between a 1099 and a W-2, keep reading to learn which form to send and how to fill out and file them. What is a W-2?

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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. It provides provisions aimed at improving employee retirement outcomes and makes starting 401(k) plans more attractive and beneficial for employers – even those with 50 or fewer employees.

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