Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016: Type of limit 2016 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $18,000 Contributions to defined contribution plans $53,000 Contributions to SIMPLEs $12,500 Contributions to IRAs $5,500 Catch-up contributions to 401(k), 403(b), 457(b)(2) and […]
For much of 2015, uncertainty surrounded whether Congress would extend relief in the area of depreciation-related tax breaks. On December 18, clarity finally arrived with the passage of the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). Here’s a look at the impact on two “classic” depreciation breaks: 1. Enhanced Section 179 […]
Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it did, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on December 18. The PATH Act not only revives expired breaks […]
A lot has been said about how bad the recession was, how many people are still struggling, employment rates are not where they need to be, GDP growth is slowing, the housing market hasn’t stabilized, we could dip into another recession, and I’m sure you could fill in others here. What isn’t written about enough […]
It’s hard to believe that the end of 2013 is upon us. If you haven’t started or finished already, now’s the time to begin or continue addressing tax planning for the upcoming filing season. Out of the recent turmoil on Capitol Hill came significant tax changes for businesses and individuals, such as an increased maximum […]