RPB_Admin
Retiring soon? Recent law changes may have an impact on your retirement savings
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement. You can keep making traditional IRA contributions if you’re still working Before 2020, traditional IRA contributions weren’t allowed once you reached age 70½. But now, an individual of any age can make contributions to a traditional IRA, as long as
Didn’t contribute to an IRA last year? There still may be time
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax savings on your 2020 return. Who is eligible? You can make a deductible contribution to a traditional IRA if: You (and your spouse) aren’t an active participant in an employer-sponsored retirement plan, or You (or your spouse) are an active participant in an employer plan,
2021 individual taxes: Answers to your questions about limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to acquaint yourself with tax amounts that may have changed for 2021. Below are some Q&As about tax amounts for this year. Be aware that not all tax figures are adjusted annually for inflation and even if they are, they may be unchanged or change only slightly due to low inflation. In
Need another PPP loan for your small business? Here are the new rules
Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The basics The CAA permits certain smaller businesses who received a PPP loan to take out a “PPP Second Draw Loan” of up to $2 million. To qualify, you must: Employ no more than 300 employees per physical location, Have used or will use the full amount of your first PPP
Employees: Don’t forget about your FSA funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs A pre-tax contribution of $2,750 to a health FSA is permitted in both 2020 and 2021. You save taxes because you use pre-tax dollars to pay for medical expenses that might not be deductible. For example, they wouldn’t be deductible if you don’t itemize deductions on your tax return. Even if you do itemize, medical expenses must exceed
The QBI deduction basics and a year-end tax tip that might help you qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well as trusts and estates. Is intended to reduce the tax rate on QBI to a rate that’s closer to the corporate tax rate. Is taken “below the line.” In other words, it reduces your taxable income but not your adjusted gross income. Is available regardless
2021 dollar limits and thresholds for 401(k)s and similar plans
The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts for 401(k)s and similar plans: Annual contributions. The limit on annual contributions to 401(k) and other defined contribution plans will increase to $58,000 (up from $57,000 for 2020). Compensation. The annual limit on compensation that can be taken into account for contributions and deductions will increase to $290,000 (up from $285,000). Elective deferrals. The annual limit on elective deferrals will remain at $19,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pension
The Best Christmas Wines
THE PERFECT MIX Soil & Climate Lorem ipsum dolor sit amet, consectetur adipiscing elit. Morbi consequat nulla sed tellus feugiat facilisis. Donec egestas id libero nec consectetur. Praesent porta pellentesque urna in gravida. Suspendisse et convallis odio. Sed risus nunc, tincidunt in lacus elementum, maximus aliquet libero. Etiam sed fermentum ipsum. Cras quis suscipit urna, non ultricies libero. Duis finibus quis massa in vulputate. Vivamus finibus cursus ipsum, non dapibus turpis commodo et. Cras porttitor sollicitudin sem, vitae dignissim tortor congue a. Nulla sagittis diam at eros tempor, a pretium sem viverra. Nulla facilisi. Suspendisse vel facilisis
A History of Wine
THE PERFECT MIX Soil & Climate Lorem ipsum dolor sit amet, consectetur adipiscing elit. Morbi consequat nulla sed tellus feugiat facilisis. Donec egestas id libero nec consectetur. Praesent porta pellentesque urna in gravida. Suspendisse et convallis odio. Sed risus nunc, tincidunt in lacus elementum, maximus aliquet libero. Etiam sed fermentum ipsum. Cras quis suscipit urna, non ultricies libero. Duis finibus quis massa in vulputate. Vivamus finibus cursus ipsum, non dapibus turpis commodo et. Cras porttitor sollicitudin sem, vitae dignissim tortor congue a. Nulla sagittis diam at eros tempor, a pretium sem viverra. Nulla facilisi. Suspendisse vel facilisis
Red Wine Pairing
THE PERFECT MIX Soil & Climate Lorem ipsum dolor sit amet, consectetur adipiscing elit. Morbi consequat nulla sed tellus feugiat facilisis. Donec egestas id libero nec consectetur. Praesent porta pellentesque urna in gravida. Suspendisse et convallis odio. Sed risus nunc, tincidunt in lacus elementum, maximus aliquet libero. Etiam sed fermentum ipsum. Cras quis suscipit urna, non ultricies libero. Duis finibus quis massa in vulputate. Vivamus finibus cursus ipsum, non dapibus turpis commodo et. Cras porttitor sollicitudin sem, vitae dignissim tortor congue a. Nulla sagittis diam at eros tempor, a pretium sem viverra. Nulla facilisi. Suspendisse vel facilisis
