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Welcome to our Latest Tax Law Updates section, your gateway to staying ahead in the ever-evolving landscape of tax regulations. In this dynamic environment, being informed is key to making sound financial decisions. Here, we bring you timely insights, analyses, and summaries of the most recent changes in tax laws. Whether you’re an individual taxpayer, a business owner, or a financial professional, this section is your go-to resource for understanding and navigating the latest tax developments. Join us as we unravel the complexities, providing clarity and empowering you to adapt successfully to the ever-shifting tax landscape.

12 01, 2021

IRS Issues Standard Mileage Rates for 2021


WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020 16 cents per mile driven for medical or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020, and 14 cents per mile driven in service [...]

IRS Issues Standard Mileage Rates for 20212021-01-12T02:41:47+00:00
2 12, 2019

2020 IRA and Pension Plan Limitations


The 2020 IRA and pension plan limitations have been announced. Below are some of the more common amounts for 2020. The defined benefit plan limitation remains at $230,000 ($225,000 for 2019). The defined contribution plan maximum remains at $57,000 ($56,000 for 2019). The annual compensation limit for most employer contributions is $285,000 ($280,000 for 2019). The Retirement Savers Credit is completely phased out at: MFJ = $65,000, HH = 48,750, and all others = $32,500 (up from $64,000, $48,000, and $32,000 respectively for 2019). A year of service for SEP coverage remains at $600. The maximum elective deferral for §401(k), §403(b), §457, and SARSEPs is [...]

2020 IRA and Pension Plan Limitations2019-12-02T03:38:50+00:00
3 06, 2019

Year-End Tax Planning to Reduce Tax Liability


Life Events. Life events can significantly impact your taxes. For example, if you are using head of household or surviving spouse filing status for 2018, but will change to a filing tax status of single for 2019, your tax rate will go up. Thus, accelerating income into 2018 and pushing deductions into 2019 may also yield tax savings. Retirement Plans Considerations. Fully funding your company 401(k) with pre-tax dollars will reduce your current year taxes, as well as increase your retirement nest egg. For 2018, the maximum 401(k) contribution you can make with pre-tax earnings is $18,500. For taxpayers 50 or older, that amount increases to $24,500. [...]

Year-End Tax Planning to Reduce Tax Liability2019-06-03T23:37:13+00:00
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