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

    IRS Increases Tax Deductions & Deferrals For 2020

    Posted by Steve Hood on Nov 22, 2019 9:39:51 AM

    The IRS recently issued new increases to tax deduction and contribution limits for tax year 2020. These increases are from the annual inflation adjustment that the IRS makes towards multiple tax schedules.

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    Topics: brixey and meyer, ohio, Tax, Tax Team, IRS, 2020

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