Retirement

Key Retirement and Tax Numbers for 2021

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key changes for 2021. Employer Retirement Plan Contribution Limits There are limits on how much can be deferred or contributed to workplace retirement plans. …

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Congress Approves New Round of PPP Loans

The latest stimulus bill will provide $284 billion in forgivable Paycheck Protection Program (PPP) loans for small businesses. Hard hit businesses can apply for a new PPP loan even if they received one previously. Businesses cannot receive more than two. The deadline to apply for new loans is March 31, 2021 and are a granted …

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After Biden Win, How Should You Plan With Taxes In Mind?

Although President-elect Joe Biden has not yet officially been sworn into office, it’s not too early to start thinking about changes ahead. Joe Biden’s Tax Plan includes a number of proposed changes affecting primarily those earning more than $400k per year. Should there be a change in administration, particularly if the Senate flips, year-end tax …

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Why You May Want to Consider a Roth Conversion Now

Tax policy will play a big role in the election.  The current tax rates are due to sunset after 2025.  That means for most taxpayers, there will be an increase in taxes in the future.  Should there be a change in administration after this election season, there is a possibility the rates will sunset sooner, …

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Are You Donating to Charity this Year?

Tax payers that itemize deductions on their federal income tax return can generally deduct gifts to qualified charities. The 2017 tax reform significantly increased the standard deduction resulting in far fewer taxpayers reducing their taxes by itemizing deductions.  To encourage charitable giving and provide a bit of tax relief, the Coronavirus Aid, Relief, and Economic …

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