Nowadays there are several financial services that are increasingly important to labor union members. Many are centered around retirement planning issues. 401(k)’s, 203(b)’s, 457’s and traditional pensions make up the vast majority of retirement plans. These are, for the most part, Defined Contribution Plans under ERISA (Employee Retirement Income Security Act). That means that the employer offers the group benefit to the employee by deducting a pre-determined amount or percentage from the worker’s paycheck to fund their retirement account. This may or may not be matched by the employer.

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It’s important for you to file your income tax return on time, even if you cannot pay. The IRS does not take delays lightly, so if you already know that you’re going to have a difficult time paying your taxes in full, you want to start exploring your options for tax relief as early as now. When it comes to claiming tax relief, you need all the help that you can get so you can organize your paperwork and convince the IRS to possibly lower your tax debt, or agree to a setup where you can comfortably pay your tax debts over time. This is why getting the assistance of a tax professional associated with tax relief negotiations is important.