Numerous tax limits affecting businesses have increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]

SECURE Act brings changes to employer-sponsored retirement plans

Several provisions in the newly enacted SECURE Act could impact employers who offer – or who are planning to offer – their employees a retirement plan. Below is a look at some of the important elements of the SECURE Act that may affect your current retirement plan (or your decision to create a new one). […]

Contribution limits for 401(k) plans increasing in 2020; IRA limits remain the same

The contribution limits for employees with 401(k), 403(b) and most 457 plans will increase in 2020 from 19,000 to $19,500. The catch-up contribution limit for employees 50 and older who participate in these plans is increased from $6,000 to $6,500. The income ranges for determining eligibility to make deductible contributions to traditional IRAs and Roth […]