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Tag: 401K contributions

August 17, 2023

Mid-year Tax Planning for Small Businesses and Owners

Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to current federal tax laws at least through 2024. 1. Establish a Tax-Favored Retirement Plan If your business doesn’t already have a retirement plan, now might be the time to take the plunge. Current rules allow for significant annual deductible… Read more ›

December 9, 2022

Smart Financial Planning for Younger Professionals (I): Financial Goal-Setting, Saving and Investing

This is the first of a two-part blog series on building a strong financial foundation for younger, early-career professionals. The series covers topics such as understanding net worth, financial goal-setting, investing and saving, debt and tax planning. By Reema Patel, CPA, CFP® It’s never too early for young professionals to start planning for a sound financial future. By following these important financial considerations, you have already taken the first step. Know Your Worth First, do you understand what your net… Read more ›

October 24, 2022

The Impact of the Inflation Reduction Act and New IRS Rules on Taxation and Retirement Savings in 2023

As Councilor, Buchanan & Mitchell recently reported, the Inflation Reduction Act has created deductions for energy-efficient construction especially concerning the Section 179D deduction for commercial buildings and the Section 45L credit for residential homes. The Inflation Reduction Act has created additional adjustments in 2023 taxpayers should be aware of including to the standard deduction and other provisions. More recently on Friday, October 21, the IRS also announced a generous increase in the 2023 annual contributions to a 401K account. Read… Read more ›