IRS Announces Annual Inflation Adjustments
With the end of the year in sight, the IRS has announced inflation adjustments taking effect in the new year. This does not directly affect the taxes you’ll be filing by April 15, 2022. Rather, these adjustments generally apply to tax returns you will be filing in 2023. Although that seems far away, it pays […]
IRS Announces 2022 Limits for Retirement Plans
The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If during the […]
IRS Reminds Taxpayers of Limited-Time Donation Rules
The rules governing the deduction of charitable contributions can be pretty strict. However, legislation has relaxed a number of them as long as donors take advantage of them by the end of 2021. So, both individual and businesses taxpayers should get up to speed on the temporary rules and take out their checkbooks before year-end. […]
SSA Updates Key Numbers for 2022
The Social Security Administration reviews key numbers each year and usually makes adjustments. In a recent release, the SSA announced what is and is not changing for 2022. Here are the key changes: The maximum taxable earnings for the Social Security portion rises from $142,800 to $147,000. (There is no limit on the Medicare portion.) Exempt […]
Taxable and Nontaxable Employee Benefits
As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs and values. Now, the onus is on employers to provide an environment that makes their star team members […]
What Papers Do You Need To Save?
Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should be retained, but there are some […]
