401(k) and IRA Limits Increase in 2023

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. They have also announced increased contribution limits for Individual Retirement Arrangements (IRAs). Highlights of changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans,Read more about 401(k) and IRA Limits Increase in 2023[…]

IRS Announces Tax Inflation Adjustments for 2023

The Internal Revenue Service has announced the tax year 2023 annual inflation adjustments for manyu tax provisions, including the tax rate schedules and other tax changes. Below are some of the highlights of these changes. Highlights The tax year 2023 adjustments described below generally apply to tax returns filed in 2024. The tax items forRead more about IRS Announces Tax Inflation Adjustments for 2023[…]

Is Your Worker a Contractor or an Employee?

As a business owner, you might pay an independent contractor and an employee for similar – or even the same – work, but there are key legal differences between the two. If you hire workers, it’s critical that you correctly determine whether these workers are employees or independent contractors. Here’s some information to help youRead more about Is Your Worker a Contractor or an Employee?[…]

IRAs Are One Tool in the Retirement Toolbox

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for you to make investments that can provide financial security for you and your family once you retire. These accounts can be with a bank or other financial institution, a life insurance company, mutualRead more about IRAs Are One Tool in the Retirement Toolbox[…]

Increased Mileage Rate for Remainder of 2022

The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate forRead more about Increased Mileage Rate for Remainder of 2022[…]