2021 Year End Tax News

    Posted by Jeff Kujawa on Dec 21, 2021 12:15:12 PM

    This has obviously been anything but an ordinary year and it appears the Build Back Better Act will not be signed by December 31st. Any proposed legislation will most likely be effective beginning January 1, 2022. In 2021, Congress did pass the Infrastructure Investment and Jobs Act to spur the economy and help with our federal highways, highway safety programs, transit and other purposes. However, this bill had minimal income tax consequences.

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    Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, 2021, 2022 Tax Planning

    IRS Ups 401(K) & Other Retirement Benefits

    Posted by Steve Hood on Nov 11, 2021 9:31:09 AM

    The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.

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    Topics: ohio, Tax, Tax Team, Tax updates, IRS, Retirement Plan, Retirement, 2022 Tax Planning, 2022 Retirement Planning

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