Carry Learning Center

Are you working as an independent contractor and looking for a way to save more for retirement while lowering your tax bill? If you don’t have any full-time employees and report self-employment income, a Solo 401k could offer a flexible and tax-efficient solution. (function(d,u,ac){var s=d.createElement('script');s.type='text/javascript';s.src='https://a.omappapi.com/app/js/api.min.js';s.async=true;s.dataset.user=u;s.dataset.campaign=ac;d.getElementsByTagName('head')[0].appendChild(s);})(document,239363,'ckhizz00xjzup7eks4ph'); This type of retirement plan is designed specifically for individuals who run [...]

Are you a self-employed landscaper looking for ways to save for retirement and reduce your taxes? If you run your own landscaping business without any full-time employees (other than possibly your spouse), a Solo 401k might be worth looking into. (function(d,u,ac){var s=d.createElement('script');s.type='text/javascript';s.src='https://a.omappapi.com/app/js/api.min.js';s.async=true;s.dataset.user=u;s.dataset.campaign=ac;d.getElementsByTagName('head')[0].appendChild(s);})(document,239363,'ckhizz00xjzup7eks4ph'); This retirement plan was designed for individuals who are both the owner and the only [...]

If your high-yield savings account (HYSA) APY hasn’t changed much after a recent Fed rate hike, you’re not alone. Many savers expect a quick boost, but bank rate adjustments often move more slowly. The Federal Reserve sets the federal funds rate, a key benchmark that influences interest rates across the economy, including what banks pay on [...]

The IRS has issued new guidance clarifying that the Form 1099-K reporting threshold has been restored to $20,000 and 200 transactions. This reverses earlier plans to lower the threshold under phased rollout guidance. The change stems from the One, Big, Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, which applies retroactively to [...]

Thinking about adding crypto to your retirement portfolio? If you’re self-employed or run a small business, a Solo 401k could offer a way to invest in digital assets while potentially gaining tax benefits. This type of retirement plan is known for its high contribution limits, flexible investment options, and checkbook control features, making it appealing to [...]

The IRS released new guidance limiting Employee Retention Credits (ERC) for businesses that filed claims for the third and fourth quarters of 2021 after January 31, 2024. The guidance, outlined in Fact Sheet 2025-07, addresses restrictions enacted under recent legislation known as the One, Big, Beautiful Bill. Under these new rules, businesses that submitted ERC claims [...]

In a Solo 401k, two roles keep your plan running smoothly and legally: the trustee and the custodian. The trustee is generally responsible for making investment decisions and managing distributions, while the custodian focuses on keeping accurate records and holding the plan’s assets securely.  Understanding how they differ matters because each one affects how your retirement [...]

The IRS has issued guidance for a new tax benefit that allows individuals to deduct interest paid on car loans for qualifying new vehicles. This update stems from the One, Big, Beautiful Bill Act (H.R. 1), which established the new personal car-loan interest benefit referenced by the IRS. IRS Notice 2025-57 (IR-2025-105, Oct. 21, 2025) provides transitional [...]

A Qualified Automatic Contribution Arrangement (QACA) is a type of 401k plan feature that automatically enrolls employees, helps them build retirement savings over time, and meets certain IRS requirements to avoid annual discrimination testing. It follows a set deferral schedule that typically starts at 3% of pay and increases each year until it reaches at [...]

The Internal Revenue Service (IRS) has experienced significant leadership transitions and operational shifts over the past three years, including recent workforce adjustments under the current administration. Danny Werfel took over as IRS Commissioner in April 2023, replacing Charles Rettig, who completed his term after overseeing the agency through unprecedented pandemic relief efforts. During Rettig’s tenure, the [...]

Recessions are periods when economic activity slows for several months or longer. They are a normal part of the economic cycle. During these times, stock prices often decline, which may cause 401k account balances to drop — sometimes by 10% to 30% or more. If you are building your retirement savings or approaching retirement age, it [...]

Your 401k is meant to support your loved ones after you’re gone, but outdated or unclear beneficiary designations can lead to confusion, delays, or legal challenges. Understanding the rules around 401k beneficiaries helps ensure your account is passed on according to your wishes without unexpected tax issues or probate headaches.  (function(d,u,ac){var s=d.createElement('script');s.type='text/javascript';s.src='https://a.omappapi.com/app/js/api.min.js';s.async=true;s.dataset.user=u;s.dataset.campaign=ac;d.getElementsByTagName('head')[0].appendChild(s);})(document,239363,'zigqxnv3lldviytin3vg'); This guide explains the key [...]

Are you an electrician running your own business and wondering if a Solo 401k is an option? If you operate independently and don’t have full-time employees, this retirement plan could be a fit.  A Solo 401k allows self-employed professionals — including skilled tradespeople like electricians — to make large, tax-advantaged contributions to save for retirement. (function(d,u,ac){var s=d.createElement('script');s.type='text/javascript';s.src='https://a.omappapi.com/app/js/api.min.js';s.async=true;s.dataset.user=u;s.dataset.campaign=ac;d.getElementsByTagName('head')[0].appendChild(s);})(document,239363,'ckhizz00xjzup7eks4ph'); Whether [...]

The Internal Revenue Service (IRS) reminded taxpayers today that those who filed extensions for their 2024 tax returns must submit their filings by October 15, 2025—tomorrow at midnight. In a statement released October 14, 2025, the agency clarified that the ongoing federal government shutdown does not alter existing tax filing obligations or statutory deadlines. The IRS [...]

The Internal Revenue Service on October 8, 2025, issued Revenue Procedure 2025-32, announcing inflation adjustments for tax year 2026 that include higher standard deductions and updates to more than 60 tax provisions. For most taxpayers, the headline change is the increased standard deduction. Married couples filing jointly will see their standard deduction rise to $32,200 in [...]

The IRS has issued guidance providing deposit penalty relief to remittance transfer providers during the first three quarters of 2026, as companies prepare to implement a new 1% excise tax on certain remittance transfers. Notice 2025-55 acknowledges the challenges providers may face when adapting to the new requirements under the One, Big, Beautiful Bill. Starting January [...]

The U.S. Department of Labor has announced a new enforcement relief policy allowing retirement plan administrators to transfer small unclaimed benefits to state programs under specific conditions. Under the policy announced January 14, 2025, plan fiduciaries can transfer retirement benefits of $1,000 or less to state unclaimed property funds without facing federal enforcement action. The policy [...]

The IRS has issued a reminder about taxpayer rights, specifically the right to professional representation during any interaction with the tax agency. This protection, part of the Taxpayer Bill of Rights codified by Congress in 2015, allows individuals to have an authorized representative handle their tax matters on their behalf. Under this provision, taxpayers can choose [...]