Tag Archives: retirement savings

IRS Announces Inflation-Adjusted Individual Tax Rates for 2024 by Tony Gutierrez, CPA

Posted on January 11, 2024 by Anthony Gutierrez

The IRS released the annual cost-of-living adjustments to various provisions of the tax code for 2024. Marginal Income Tax Rates The following seven tax rates apply to income individuals earn in 2024. 37 percent for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly) 35 percent for incomes over $243,725 […]

Mega Backdoor Roths Can Help 401(k) Participants Supersize Retirement Savings by Jeffrey M. Mutnik, CPA/PFS

Posted on August 13, 2021 by Jeffrey Mutnik

Employer-sponsored 401(k) plans are excellent vehicles for individuals to save for retirement during their prime earning years. Annual contributions made today with pretax dollars grow tax-deferred until you reach retirement age, when the distributions you take are treated as taxable ordinary income. However, even if you are diligent and contribute the maximum allowable amount to […]

IRS Increases HSA Limits for 2022 by Adam Cohen, CPA

Posted on June 09, 2021 by Adam Cohen

Individuals participating in high-deductible health plans (HDHPs) will be able to contribute more of their pre-tax earnings to health savings accounts (HSAs) in 2022 and yield the related tax and savings benefits. The IRS recently announced it will increase the annual HSA contribution limits that qualify for a full tax deduction in 2022 to $3,650 […]

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