2021 vs 2020 Maximum 401k Contribution Limits

[Updated with official IRS 2021 401k limits] The IRS has now released 2021 401k limits in Notice 2020-79, which as expected see little to no change from 2020 levels. The table below shows what the contribution limits for 2021 versus 2020 (current tax year) will …

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Latest Tax Brackets, Standard Deduction and other Tax Updates

[2020-21 update] See the latest tax tables and brackets for the current and upcoming tax year _____ [2017 update] The IRS has published the latest 2017 tax figures (for filing taxes in 2018) reflecting minor COLA updates to federal thresholds. You can see 2016 and past tax tables here. …

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2020 SEP IRA Contribution Limits and Eligibility Rules

[Updated for 2019 and 2020 limits]  A year or so after starting my small business and completing my first annual tax return that showed a slight profit, my accountant advised that I start looking into a retirement account/plan for my business in order to lower …

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