retirement plan contributions Archives

Didn’t contribute to an IRA last year? There may still be time

Saving now for retirement is one of the best moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2020 tax return.

Many tax amounts affecting businesses have increased for 2021

February 9, 2021 Tax Department Financial & Professional Services, Tax Bites business tax, meals and expenses, retirement plan contributions, Section 179, social security, tax, tax deductions

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.

You may be able to save more for retirement in 2019

January 1, 2019 December 31, 2018 Tax Department Tax Bites retirement, retirement plan contributions, retirement savings

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs:[ … ]

Catch-up retirement plan contributions can be particularly advantageous post-TCJA

November 20, 2018 Tax Department Tax Bites 401(k) contribution, catch-up contribution, retirement plan contributions, retirement plans, TCJA

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions[ … ]

Reduce taxes on your investments with these year-end strategies

December 9, 2015 Tax Department Tax Bites MAGI, NIIT liability, reduce taxes, retirement plan contributions, tax consequences, tax saving strategies, unrealized losses, wash sales, year-end tax strategies

While tax consequences should never drive investment decisions, it’s critical that they be considered — especially by higher-income taxpayers, who may be facing the 39.6% short-term capital gains rate, the 20% long-term capital gains rate and the 3.8% net investment income tax (NIIT). Holding on to an investment until you’ve owned it more than one[ … ]