Taxes 2024, Get Ready!

     The end of the year isn't quite here, yet.

     This is a perfect point to start getting your taxes together, though.  When the file date arrives, there is no last cacophony of events in the midst.

     Why is this tax thing a necessity?

     The United States Constitution, Article 1, Section 8, Clause 1, states, “The Congress shall have the Power to lay and collect Taxes, Duties, Imposts and Excises to pay the Debts and provide for the common Defense and general Welfare of the United States."

     You know your role as a law abiding American taxpayer. We are all required to carry your own weight.

     Carry one's (own) weight and pull one's (own) weight

 Meaning to do one's share; to earn one's keep. (The weight is the burden that is the responsibility of someone.)

See also: carry, weight

     (thefreedictionary)

   

 FYI: 

     The failure to pay penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty won't exceed 25% of your unpaid taxes.

     This is a new day.  We are all responsible, we will take it upon ourselves to play our role as U.S. citizens.

     The IRS announced annual inflation adjustments for over 60 tax provisions for the 2024 tax year, including tax rate schedules.

     Standard deductions increased for all filing statuses: 

$29,200 for married couples filing jointly, 

$14,600 for single taxpayers, 

and $21,900 for heads of households.

     Tax rates remain largely unchanged, with the top rate at 37% for high-income individuals.

     The Earned Income Tax Credit maximum amount increased to $7,830 for qualifying taxpayers with three or more children.

     Various other tax provisions were adjusted for inflation, such as the foreign earned income exclusion, gift tax exclusion, and adoption .

     IYDK:  The IRS will provide a free route to file your taxes.

     The IRS Free File program offers two ways to file federal income tax returns online for free: Guided Tax Software and Free File Fillable Forms.

     Guided Tax Software provides free online tax preparation and filing at an IRS partner site for taxpayers with an AGI of $79,000 or less.

     Free File Fillable Forms are electronic federal tax forms, equivalent to a paper 1040 form, for taxpayers with an AGI greater than $79,000.

     If you really need human assistance to file your taxes, there are some great service providers.

     H&R Block is the best overall tax preparation service due to its large network of branches, reasonable pricing, and various tax preparation options.

     Jackson Hewitt is the best for ease of use, with 5,200 office locations and online tax preparation options.

     TurboTax Live is the best online experience, offering professional tax preparation without leaving home.

     EY TaxChat is the best for self-employed filers, providing expertise in handling complex tax needs.

     Tax software offers convenience, accuracy, and potential refund calculations, but can be more expensive than self-preparation.

     (investopedia)

     Even though the end of the year isn't quite here, this is when one starts getting his taxes together, though. When the file date arrives, all is well.

Seasons Greetings!

Listeria in your groceries, 2024.

     There are some essential tasks that humans undergo from month to month.  One of them is grocery shopping.

     Grocery shopping is essential for several reasons.  It provides sustenance.  It's the primary way to acquire fresh and processed food for nourishment. Diet control.  Grocery shopping allows you to choose what you eat, promoting healthier choices over relying solely on restaurants or processed foods.  Make the cheaper, cost effective choice. Buying groceries is often cheaper than eating out regularly.  Having groceries at home means you can eat whenever you're hungry without needing to leave your residence. Cooking at home is a hobby.  Cooking is a way to bond with loved ones.  Indeed, grocery shopping is an essential task.

     Almost every time you go shopping, you've walked passed the meat section. The deli. Sandwich shop.  The big, bad, boss, bologna bucket.

     Well, in early August 2024, the essential grocery shopper noticed that the ever present Board's Head section was empty.

     HEADLINES: 

Boar’s Head faces 2nd lawsuit over 7M pound deli meat recall linked to listeria outbreak (nj.com)

     See the full list of every Boar’s Head product recalled over listeria concerns (syracuse.com)

     Supermarkets advised to yank Boar’s Head signs amid deadly listeria outbreak (nypost.com)

     ETC...

     The initial outbreak was pointing at the Boar's Head Liverwurst.

     Boar’s Head Brand was established in the New York City area in 1905. Dissatisfied with the quality of hams available, their founder Frank Brunckhorst set out to craft products of uncompromising standards by using only the finest ingredients.

     Boar's Head is a privately held company. This means it is not publicly traded on a stock exchange.  Companies that are publicly traded have ticker symbols, which are used to identify their stocks on exchanges like the New York Stock Exchange (NYSE) or Nasdaq.  Since Boar's Head is not publicly traded, it does not have a ticker symbol.

     "Meat consumption in the United States has nearly doubled in the last century. Americans are now among the top per capita meat consumers in the world; the average American eats more than three times the global average.  A growing body of evidence suggests Americans’ taste for meat and animal products is putting them at greater risk for a range of health problems." (clf.jhsph.edu)

     Currently, the Boar's Head company is located in Sarasota, Florida. It moved its headquarters there in 2001 from Brooklyn, New York.  The primary reason for the move was due to the company's strong partnership with the Publix supermarket chain, which is headquartered in Florida. This move allowed for better coordination and collaboration between the two companies.

     Listeria is a genus of bacteria that can cause a serious infection called listeriosis.  Listeria monocytogenes is the species most commonly associated with human illness.  These bacteria are found in soil, water, and animal feces, and can contaminate a variety of foods.   They are particularly dangerous for pregnant women, newborns, the elderly, and people with weakened immune systems. 

     What is Listeriosis?  Listeriosis is a serious infection caused by the bacterium Listeria monocytogenes. Anyone can get listeriosis.  

     Symptoms of listeriosis can vary depending on the individual.  Mild cases may include fever, muscle aches, nausea, vomiting, and diarrhea.  Severe cases can lead to more serious complications, such as headache, stiff neck, confusion, loss of balance, convulsions, and even death.  It's important to note that symptoms can take several days or even weeks to appear.  Listeriosis is stoppable.  Thoroughly cook foods.  Ensure meats, poultry, seafood, and eggs are cooked to their proper internal temperatures.  Practice good hygiene.  Wash hands. Wash cutting boards, and utensils thoroughly with hot, soapy water after handling raw meat, poultry, seafood, or unpasteurized dairy products. Refrigerate foods promptlym.  Store perishable foods at or below 40°F (4°C).  Avoid unpasteurized dairy products. This includes milk, cheese, and yogurt.  Be cautious with ready-to-eat foods.  These include deli meats, hot dogs, luncheon meats, soft cheeses, and smoked seafood. Consider heating these foods to an internal temperature of 165°F (74°C) before eating. Clean fruits and vegetable.  Wash produce thoroughly under running water before eating.  If you suspect you may have listeriosis, contact your healthcare provider.  Immediately.

     Listeria monocytogenes: A Cellular Intruder.  Listeria monocytogenes is a pathogenic bacterium. Unlike many other bacteria that reside outside host cells, Listeria is an intracellular pathogen.   An intracellular pathogen invades and lives within the cells of its host organism, in this case, humans.  Its primary function is to survive and replicate within host cells. This ability is what makes it so dangerous, as it allows the bacteria to evade the immune system and spread throughout the body.  

     What are the key steps in the Listeria infection cycle. 

1. Invasion: 

Listeria enters host cells, often through the gastrointestinal tract. 

2. Intracellular growth: 

The bacteria replicate within the cell, using the host's resources for survival and multiplication. 

3. Cell-to-cell spread: 

Listeria can induce the formation of actin-based structures that propel it from one cell to another, allowing it to spread rapidly without exposure to the extracellular environment. 

4. Immune evasion: 

Listeria has developed various mechanisms to evade the host's immune response, contributing to its virulence.

5. Healing after viral death.

     Unfortunately, you cannot visually identify Listeria-infected meat. The bacteria is microscopic and doesn't alter the meat's appearance, smell, or taste. This is a significant challenge in food safety, as it relies heavily on prevention and testing rather than visual inspection.  Listeria can survive refrigeration:  This means contaminated meat can appear perfectly safe.   Cooking to a high temperature will kill Listeria. Proper food handling and storage are crucial in preventing contamination.   

     What is the incubation period for Listeriosis?

The incubation period for listeriosis can vary widely. This means the time between consuming contaminated food and the onset of symptoms can differ significantly from person to person.  Symptoms usually appear within 2 to 3 weeks of exposure.  However, in some cases, it can be as short as a few days or as long as several months.  The severity of symptoms and the incubation period can be influenced by factors such as overall health, age, and immune system strength.

     Stay alert, pay attention to your item choices. Grocery shopping is essential. 

     And yes, they're not actually selling a decapitated pig's head

Business financial analysis is essential.

     Financial analysis, planning, and forecasting are connected.  These are processes that businesses use to assess their financial health, set goals, and predict future performance. 

     All analysts aren't created equally. Who can perform a complete financial analysis? A Financial Analyst can. This is a broad role that encompasses a variety of financial analysis tasks, including reviewing financial statements, creating financial models, and conducting research.  A Corporate Finance Analyst can.  These analysts focus on the financial health and performance of the entire company. They may be involved in tasks such as financial planning, capital budgeting, and mergers and acquisitions. An Investment Analyst can.   These analysts research and evaluate potential investments for individuals or institutions. They may specialize in a particular industry or asset class.

     Financial analysis involves examining past financial data to identify trends, assess profitability, and evaluate the company's financial position.   They also evaluate a business's financial health and performance by examining its financial statements [Investopedia: Financial Analysis].  Financial analysis involves reviewing a company's income statement, balance sheet, and cash flow statement to assess its profitability, liquidity, solvency, and overall financial position [Investopedia: Financial Statement Analysis]. 

     By identifying trends in these financial metrics, analysts can gain valuable insights into a company's past performance and its potential for future success.

 

     Financial planning uses the insights gained from analysis to set financial goals and develop strategies to achieve them.   The financial analysis is the platform. 

     After analyzing financial data to assess a company's financial health, financial planning involves setting financial goals and implementing strategies to achieve those goals [Investopedia: Financial Planning]. The financial planning process also helps businesses allocate resources effectively, manage risks, and achieve long-term financial stability.

     Financial forecasting utilizes historical financial data and informed assumptions about future events to predict a company's future financial performance [Corporate Finance Institute: Financial Forecasting]. 

     The financial forecasting process is crucial for businesses as it allows them to plan for upcoming financial needs, identify potential risks, and make informed investment decisions.  

     Financial analysis involves calculating ratios to estimate a company’s performance and trends. There are many terms to refer to analysis techniques.   As an example,  financial statement analysis scans over liquidity ratios, current ratios, quick ratios, profitability ratios, opearating profitibilty ratios, net profit ratios, return on equiry (ROE), return on capital employed analysis, turnover ratios, inventory turnover ratio, receivable ratios, payable ratios, solvency ratios, debt equity ratios, and financial leverage. 

          Formula Examples:

     Current ratio = current assets ÷ current liabilities.

     Quick ratio formula = current assets - inventory

     Operating Profit Ratio Formula = Earnings Before Interest & Tax/Sales

     Inventory Turnover Ratio Formula = Cost of Goods Sold ÷ Average Inventory

     Debt Equity Ratio Formula = Total Debt ÷ Total Equity

  (https://www.wallstreetmojo.com/examples-of-financial-analysis/)

     It is important to understand that financial ratios are one of the most important metrics used by finance professionals in analyzing the financial performance of companies. Plus, it helps in understanding the relative performance of two or more companies in the same industry.

     Trend analysis is a type of financial analysis that involves comparing a company’s financial data over multiple periods to identify trends and patterns. For example, this type of analysis identifies whether the company’s financial performance is improving or declining over time.

     Cash flow analysis is a type of financial analysis that involves examining a company’s cash inflows and outflows to assess its ability to generate cash and meet its financial obligations. This analysis identifies whether the company generates sufficient cash to fund its operations and investments.

     Sensitivity analysis is a type of financial analysis that involves examining the impact of changes in key assumptions on a company’s financial performance. This type of analysis helps to identify the most important drivers of the company’s financial performance and the potential risks and opportunities associated with these drivers.

     Financial analysis, planning, and forecasting are tools that work together to steer a company towards a secure and prosperous future. Businesses sequencially make informed decisions about resource allocation and strategic planning (financial planning).  These processes are essential.

Urban Air Pollution combat on the skin.

     Its combat on the skin, because it is fighting to control territorial rights to your once baby smooth skin.  Some of us are veterans in the fight.  You need weapons; defense.  This battle is renewed by urban air pollution.

     Urban air pollution is caused by a variety of human activities.  Transportation leads the pack.  Cars, trucks, buses, and other vehicles release harmful emissions like nitrogen oxides and particulate matter into the air.  Industrial facilities aren't as abundant, yet likewise, dangerously pollutant.  Factories and power plants release pollutants like sulfur oxides and volatile organic compounds.  Domestic activities rank at the top, too.  Heating homes with fossil fuels and using certain cleaning products can also contribute to air pollution.  These pollutants cause respiratory problems, heart disease, and other health issues.

     Urban air pollution combat on the skin defense.  Load up. Here are three essential skin health products.  

     Cooling gel is your your camouflage from the elements.  This topical product provides a cooling sensation to the skin. It relieves pain and inflammation from sunburns, insect bites, and muscle soreness.

     Next up is Vitamin E.  It is an antioxidant that can help protect the skin from damage caused by free radicals. Vitamin E is often found in skincare products as a moisturizer and scar protectant. Vitamin E is typically applied directly to the skin. 

     Last, but not least is water. H2O.  Water is essential for hydration and overall health.  It plumps the skin, and provides elasticity.  Water is best consumed orally for overall hydration and can be used topically as a hydrating mist.

     In short, cooling gel is for pain relief, vitamin E is for skin health, and water is for overall hydration.

         "Water and air, the two essential fluids on which all life depends, have become global garbage cans."  (Jacques Yves Cousteau)

     Exposure to urban air pollution can have a number of negative effects on the skin.  Premature aging.  Pollutants can damage the skin's collagen and elastin.  They're both essential for maintaining skin structure and elasticity. Without them, you'll soon see wrinkles, fine lines, and a loss of firmness.  

     Dehydration.  Air pollution can disrupt the skin's barrier function, making it more difficult for the skin to retain moisture. This can lead to dehydration, dryness, and a flaky appearance.  

     Increased sensitivity.  Pollution is a constant barrage of irritation.  The skin becomes sensitive to other irritants, such as harsh soaps and cosmetics. Irritation leads to redness, itching, and burning.  Existing skin conditions are exacerbated.  Air pollution makes acne twice as bad, eczema flourishes, and psoriasis pumps up.

          "Wipe out pollution before it wipes you out."  (Unknown)

     Hyperpigmentation.  There is a pattern.  Pollution triggers the production of melanin, the pigment that gives skin its color. Melanin overproduction leads to dark spots and uneven skin tone.

     Some pollutants are known carcinogens.  Toxic pollution in the urban environment has increased the risk of skin cancer. 

     Don't trek out alone, and get lost without protection.  Check the specifications.  Grab a couple of popular cooling gel products.  Australian Gold Aloe Freeze Cooling Spray Gel is an aloe vera-based gel that will sooth sunburns and irritated skin. It  contains vitamin E and green tea extract to nourish and rejuvenate the skin.  

     Conceal carry E.  Pick up some vitamin E skin products.  Fruit of the Earth Vitamin E Skin Care Cream.  This is a fragrance-free, hypoallergenic cream that contains vitamin E, aloe vera, and other nourishing ingredients. It's a good option for dry skin, as it hydrates and softens the skin. It’s also very affordable.  Derma E Skin Oil Vitamin E.  This is a concentrated oil that contains a high dose of vitamin E. It moisturizes dry skin, reduces wrinkles, and irritation disappears. It’s concentrated, so little goes a long way.  Ultimately, the best vitamin E skin product for you will depend on your individual skin type and needs. If you have dry skin, you may want to choose a thicker cream or oil. If you have oily skin, you may prefer a lighter lotion or gel. And if you have sensitive skin, be sure to choose a product that is fragrance-free and hypoallergenic.

     Don't postup without your canteen.  Evian.  Sourced from natural springs in the French Alps, Evian is known for its crisp, clean taste and moderate mineral content.  It comes in various sizes and is readily available.  Lifewater.  This brand is known for its electrolyte-enhanced purified water.  Electrolytes are minerals that help with hydration and muscle function. Lifewater has a slightly sweet taste and comes in a variety of fruit-flavored options.  Essentia.  This brand promotes its high pH level, which some claim can neutralize acidity and improve overall health. However, there is limited scientific evidence to support these claims. Essentia is purified water with added electrolytes for taste.

     Yes, there is a line dividing urban air pollution as opposed to rural air pollution.  Experimentally proven, urban air pollution is more harmful than rural air pollution. This is because urban areas have higher concentrations of pollutants like traffic fumes and industrial emissions.  Pollutant varieties.  Urban air pollution is dominated by larger particles from vehicle exhaust and industrial facilities. Rural air pollution often contains smaller particles from agricultural burning and natural dust storms.

          "The Chinese have figured out that they have a giant environmental problem. Folks in Beijing, some days, literally can't breathe. Over a million Chinese die prematurely every year because of air pollution."  (46th President of the United States of America, Joseph Biden)

     Rising urbanization, industrialization, and anthropogenic activities are the prominent causes of air pollution in cities globally. Its combat on the skin, because it is territorial rights to your healthy skin.  Win the fight.  Use defense.  Urban air pollution isn't going away.

Auto Insurance Increase 2024

     The trickle down theory can touch anything and everything. 

     In this blog entry, we're looking at the average monthly price of car insurance. Some individuals can remember being able to drive our U.S. roads and highways without including a hefty monetary sum for car insurance. Now, the bill is encroaching on "OMG, is this right?"

     Break out with your A.I., and conduct some research, side by side compare companies, and find bargains.  

     U.S. inflation kicked the auto industry in the rump. Hard.

     Reuters.com quote:

          "Consumer prices in December overall rose 3.4% from a year earlier, the Labor Department said on Thursday in the release of the monthly Consumer Price Index, more than the 3.2% economists polled by Reuters had expected and up from 3.1% in November."

     This rise in cost has set a new insurance precedent over the last half a century.  The trend has no predicted end, either.

     The BANKRATE True Cost of Auto Insurance Report determined the annual cost for full coverage car insurance in 2024 to be $2,543, compared to $2,014 in 2023 and $1,771 in 2022. Paying your annual premium can save you money as opposed to paying monthly premiums. An example of the increase, someone earning a median household income of $74,580 will pay  3.41% of their entire income on auto insurance. 

     The Three Largest Auto insurance companies 2024:

          State farm: $46.7 billion

          Progressive: $38.9 billion

          Geico: $38.1 billion

     Recall, in the old days, when ROADSIDE ASSISTANCE was complementary.  Some companies happily gifted out RENTAL CAR costs, too.

     In the red, white, and blue, each state can vary their rates.  Obviously shop around.  All in all, though.  Expect an increase in policy rates that won't fade.

     Long story short, auto insurance companies have been hit in the pocket.  As their costs have increased, so have the consumers costs increased, too.

     Car insurance companies were getting mashed in the last decade. Collision costs boomed, liability costs zoomed, employees pay popped, medications prescription costs sizzled, body shops off the hizzle, pain compensation costs in court rocketed, and thus we can understand the overall policy premium increases looming in the remainder of 2024.

     Side by side rate comparison sites are great.  The detailed questions in rate comparison questions will take time, though.  Have you had any recent tickets? Are you currently insured? How many drivers are there? And, etc.

     "Copy, and paste. Compare. Rate. Discover. Learn. You will. Yes, use the low policy rate force.  Let premiums guide you, you must." A.I. Yoda

     In reality, 2024, there is simply auto insurance rate increase.

     Government agency issues are taking on unfair and deceptive price practices. State by state issues can make policy prices fluctuate. Insurance company representatives state that, insurers raise costs in response to your risk as a driver, such as where you live and whether you have a teenager on the policy. They also raise rates based on risks beyond your control. Inflation for example.

     Bankrate analyst Shannon Martin shares with Kiplinger. 

          "Between 2020 and 2024, inflation increased the cost of vehicle parts and labor, car crash fatalities increased by over 10% and we saw a significant rise in extreme weather and vehicle theft claims. All these factors contribute to the high rates we’re seeing today."

     Life events increase your rates.  Adding teen drivers, DUI convictions, 

credit score changes,  at fault accidents, involved accidents, speeding tickets,  and lapse in auto insurance coverages can boost costs significantly. 

     Environmental influence costs-

          Cities with high costs:

          Detroit, Michigan 

          Hutchins, Texas

          Venice,  California 

          New York City, New York

          Santa Rosa Beach, Florida 

      Insurance pointers:

          Shop around.

          Raise your deductible.

          Bundle policies.

          Boost your credit score.

          Enroll in defensive driving. 

          Pay annually versus monthly.

     Inflation in the United States is decreasing, but this hasn't turned the tides on auto insurance rates.  We can, independently, drive better.  Maybe, future rates will follow suit.

     Good luck on the roads, stay cool, drive safely in 2024.

A.I. based noninvasive THOUGHTS to TEXT technology.

     The development of an AI-based decoder that translates brain activity into coherent text, plots a groundbreaking advancement in non-invasive mind-reading technology. This innovation enables the reconstruction of speech with remarkable precision, leveraging fMRI scans to decode thoughts without the need for surgical implants.

     The technology uses large language model artificial intelligence. OpenAI’s ChatGPT pushed a new way in. These large language models are able to represent, in numbers, the semantic meaning of speech, allowing the scientists to look at which patterns of neuronal activity corresponded to strings of words with a particular meaning rather than attempting to read out activity word by word.

     “For a non-invasive method, this is a real leap forward compared to what’s been done before, which is typically single words or short sentences,” Research Dr. Huth said.  Sometimes the decoder got the wrong end of the stick and it struggled with certain aspects of language, including pronouns. “It doesn’t know if it’s first-person or third-person, male or female,” said Huth. “Why it’s bad at this we don’t know.”  The decoder was personalized. When the model was tested on another person the readout was unintelligible. It was also possible for participants on whom the decoder had been trained to thwart the system.  By thinking of animals or quietly imagining another story, the system was confused.

     Jerry Tang, a doctoral student at the University of Texas at Austin and a co-author, said: “We take very seriously the concerns that it could be used for bad purposes and have worked to avoid that. We want to make sure people only use these types of technologies when they want to and that it helps them.”  

     Professor Tim Behrens, a computational neuroscientist at the University of Oxford who was not involved in the work, described it as “technically extremely impressive” and said it opened up a host of experimental possibilities, including reading thoughts from someone dreaming or investigating how new ideas spring up from background brain activity. “These generative models are letting you see what’s in the brain at a new level,” he said. “It means you can really read out something deep from the fMRI.”  Prof Shinji Nishimoto, of Osaka University, who has pioneered the reconstruction of visual images from brain activity, described the paper as a “significant advance”. “The research showed that the brain represents continuous language information during perception and imagination in a compatible way,” he said. “This is a non-trivial finding and can be a basis for the development of brain-computerinterfaces.

     The system currently is not practical for use outside of the laboratory because of its reliance on the time need on an fMRI machine. Functional MRI, magnetic resonance imaging, relies on detecting small changes in the signals used to produce magnetic resonance images that are associated with neuronal activity in the brain. Functional magnetic resonance finds functions of the brain. Functions such as speech or memory have general locations in the brain, but the exact location can change slightly between individuals.  The scan is safe. The future tech would resemble a shower cap.  The MRI tech is in a capsuled machine that scans the individual, while laying down.

     Researchers think this work could transfer to other, more portable brain-imaging systems, such as functional near-infrared spectroscopy (fNIRS).  “fNIRS measures where there’s more or less blood flow in the brain at different points in time, which, it turns out, is exactly the same kind of signal that fMRI is measuring,” Huth said. “So, our exact kind of approach should translate to fNIRS,” although, he noted, the resolution with fNIRS would be lower.

    The technology could aid communication for people who are unable to speak due to illness or injury, including stroke or paralysis. It could also enable seamless communication between humans and machines, such as the operation of a bionic arm or robot.

IRAs 2023

IRAs

     Individual Retirement Arrangements (IRAs).  (IRS)

     The key to IRAs are Start saving as early as possible, and make monthly installments to get compounding effects.  Your IRA is part of the money that you’re setting aside for the future. Pay attention to the taxes on those accounts. Envision your complete portfolio: stocks, bonds, real estate, foreign markets, etc.

     IRAs make your money work for you.  IRAs allow you to make tax-deferred investments to provide financial security when you retire.

     Research different types of retirement accounts.  You can set up an IRA with a bank, or other financial institutions, life insurance company, mutual fund, or a stockbroker.

     Types of IRAs: (CNBC)

     A traditional IRA is a tax-advantaged personal savings plan where contributions may be tax deductible. You must qualify. The 2023 contribution limits are, $6,500, or $7,500 if you’re age 50 or older by the end of the year; or your taxable compensation for the year.

     A Roth IRA is a tax-advantaged personal savings plan where contributions are not deductible but qualified distributions may be tax free. The 2023 contribution limits are the same as traditional. $6,500, or $7,500 if you’re age 50 or older by the end of the year; or your taxable compensation for the year.

     A Payroll Deduction IRA plan is set up by an employer. Employees make contributions by payroll deduction to an IRA (Traditional or a Roth IRA) they establish with a financial institution.  It is probably the simplest retirement arrangement that a business can have. No plan document needs to be adopted under this arrangement. May be eligible for Savers credit. The 2023 contribution limits are, $6,500, or $7,500 if you’re age 50 or older by the end of the year; or your taxable compensation for the year.

     A SEP is a Simplified Employee Pension plan set up by an employer. Contributions are made by the employer directly to an IRA set up for each employee.  Employee is always 100% vested in (or, has ownership of) all SEP-IRA money.  Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation, or $66,000 for 2023.

     A SIMPLE IRA plan is a Savings Incentive Match Plan for Employees set up by an employer. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions, and the employer makes matching or nonelective contributions.  Employer is required to contribute each year.  Contribution matching contribution up to 3% of compensation (not limited by the annual compensation limit), or
2% nonelective contribution for each eligible employee.  Inflexible contributions.

     A SARSEP - the Salary Reduction Simplified Employee Pension Plan - is a type of SEP set up by an employer before 1997 that includes a salary reduction arrangement.  An eligible employee is an individual (including a self-employed individual) that has reached age 21, worked for the employer in at least 3 of the last 5 years, and received at least $750 in compensation for 2023.

     IRAs offer investment options,  too.  Contributions  to your retirement account are deducted from your taxes.  Although, there are Deduction Limits.  Rollovers have a variety of rates.  Rates also apply to accounts when there isn't a named beneficiary.

     The individual credit offered is the Saver's Credit.  Individuals may be able to take a tax credit of up to $1,000 if they make eligible contributions to an IRA.  Criteria:  Age 18 or older,  not claimed as a dependent on another person’s return, and not a student.

     Saver's Credit amount is 50%, 20% or 10% of account contributions in the year. (Investopedia)

     IRA maximum contributions will allow the most growth in your retirement account.  Investments are smart.  Avoid losses by diversifying, watching fees closely, investing in safe assets and avoiding early withdrawals.  IRAs are FDIC insured with amount limits. Saver's Credit and contributions matching are the standout points in IRAs.