January 24, 2023
After months of negotiations, Congress finally passed the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). This part of the omnibus funding package builds on the SECURE Act of 2019 and contains major changes in the required… Read more »
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401(k), 403(b), 457(b), 5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law, 50 or older, early withdrawals, Emergency Expenses, Emergency Savings Accounts, Failure to comply with RMD, Increased Starting Age for RMDs, individual retirement annuities, IRS penalties, Larger Catch-Up Contributions, Major Tax Changes, Major Tax-Favored Retirement Plan Changes for Individuals under New Law, minimum distribution (RMD), Penalty-Free Withdrawals, Penalty-Free Withdrawals for Designated Emergency Expenses, profit-sharing plans, Reduced Penalty for Failure to Take RMDs, Retirement Plan Emergency Savings Accounts, RMDs, Salary reduction catch-up contributions, SECURE 2.0, Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), SIMPLE plans, Starting Age for RMDs, Starting in 2025, Tax Year 2023, tax-deferred retirement accounts, Traditional IRA
January 24, 2023
The following table provides some important federal tax information for 2023, as compared with 2022. Many of the dollar amount increases are higher than in past years due to inflation. * Only available for active-duty members of the military.** Provided by… Read more »
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& 457 deferrals (Section 457(b)(2)), 2023 Tax, 401(k), 403(b), 403(b) Deferrals (Section 402(g)), 457 & SARSEP additional "catch-up" contributions for employees age 50 and older, Amount used to reduce the net unearned income reported on a child's return that's subject to the Kiddie Tax, Amount you can give each recipient, Annual Gift Exclusion, Business Equipment, Business Meals, Business mileage, Charitable mileage, Compensation defining highly compensated employee (Section 414(q)(1)(B)), Compensation defining key employee (officer) in a top-heavy plan, Compensation triggering Simplified Employee Pension contribution requirement (Section 408(k)(2)(c)), Defined Benefit Plan limit on benefits (Section 415(b)(1)(A)), Defined Contribution Plan limit on additions (Sections 415(c)(1)(A)), Domestic Employees, Driving Deductions, Employee portion of Medicare, Employee portion of Social Security, Estate Tax, etc., Federal estate tax exemption, General deduction for eligible business-related food and beverage expenses, Heads of Household, house cleaners, Important Tax Figures for 2023, Individual Retirement Accounts, Kiddie Tax, Married filing jointly, Maximum compensation used to determine contributions, Maximum estate tax rate, Maximum Section 179 deduction, Medical and eligible moving*, Medicare Tax Wage Base, Monthly commuter highway vehicle and transit pass, Monthly qualified parking, per mile, Phase out for Section 179, Qualified Plan Limits, Roth and traditional IRA additional annual "catch-up" contributions for account owners age 50 and older, Roth IRA Individual, SARSEP, SIMPLE additional "catch-up" contributions for employees age 50 and older, SIMPLE deferrals (Section 408(p)(2)(A)), Single (and married filing separately), Social Security, Social Security Tax Wage Base, Social Security/ Medicare, Standard Deduction, Tax, Threshold when a domestic employer must withhold and pay FICA for babysitters, Traditional IRA Individual, Transportation Fringe Benefit Exclusion, up to 100% of earned income
December 27, 2022
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven’t yet taken advantage of this retirement saving strategy. Making annual Roth contributions can have a big upside by allowing… Read more »
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401(k), Adjusted Gross Income, AGI, Are You Missing the Roth IRA Boat?, common misconceptions, Contributions, Contributions to Roth IRAs, Deductible vs. Nondeductible, Income Restrictions, individuals, IRA, MAGI phase-out range, maximum deductible SEP, Need Help, Roth IRA, Roth IRA Basics, self-employed, self-employed individuals, SEP, simplified employee pension, tax benefits of contributing to a Roth IRA, The Truth about Income Restrictions, Traditional IRA
October 25, 2022
It’s time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal tax… Read more »
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100% First-Year Bonus Depreciation for Last-Minute Asset Additions, 401(k), businesses using a pass-through entity, Defined Benefit Pension Plans, Heavy SUV, How Can Small Business Owners Lower Taxes for 2022, Jobs Act (TCJA), Pickup or Van Write-Offs, publicly traded partnerships, QBI Deductions, qualified business income, REIT dividends, SECURE Act, self-employed, SEP-IRA, SIMPLE-IRAs, Small Business Tax Law Changes under the IRA, Tax-Favored Retirement Plans, Timing of Business Income and Deductions, Year-End Tax Planning