2022 Defined Contribution Plans and qualified plan limits:
Traditional and Roth IRA 6000/7000 for 50 and older
Simple 14000/17000 for age 50 or older
401K/403b/457 20500/27000 age 50 or older
HSA limit 3650/7300 over 55 add 1000
2021 Defined Contribution Plans and qualified plan limits
2021 Qualified retirement plan limits
IRA 6000/7000 for 50 and older
Simple 13500/16500 for age 50 or older
401K/403b/457 19500 age 50 or older add 6500
HSA limit 3600/7200 over 55 add 1000
Watch our facebook page for more up to date information.
Alternative Minimum Tax for Individuals
Tax rules and laws are continuously changing. Rest assured, as both a tax specialist and strategist, we keep up with current tax laws. Check this page often to keep updated with tax tips, new tax bill information and what’s happening at our office.
Mileage rates by year
2023 – .655 cents per mile
2022 – 7/1/22 – 12/31/22 – .625 cents per mile
2022 – 1/1/22 – 6/30/22 – .585 cents per mile
2021 – .560 cents per mile
2020 – .575 cents per mile
2019 – .580 cents per mile
2018 – .545 cents per mile
2017 – .535 cents per mile
2016 – .540 cents per mile
2015 – .575 cents per mile
2014 – .560 cents per mile
2013 – .565 cents per mile
2012 – .555 cents per mile
2020 Qualified retirement plan limits
IRA 6500/7500 for 50 and older
Simple 13500/16500 age 50 or older
HSA limit 3550/7100 over 55 add 1000
2019 Qualified retirement plan limits
IRA 6000 plus Over 49 catch up 1000
SEP 56000 Over 49 catch up 0
Simple 13000 Over 49 catch up 3000
401k/403b/457 19000 Over 49 catch up 6000
Qualified retirement plan limits
Over 50 catch-up $6000
Sec 415 defined benefit plan ceiling $220,000
Simple Plan Limits $275,000
Simple pretax contribution limit $12,500
Over 50 catch-up $3000
Please talk to your plan admin for more information.
A Must-Read for Clients with Foreign Accounts
If you have read any news in the last year, you know that the IRS is looking closely into offshore accounts. If you have an account, retirement account or business interest with a value over $10,000 in a foreign country, or a foreign business ownership (not through a mutual fund), please let us know as some special rules will apply to you. There are SUBSTANTIAL penalties for failure to disclose these items.
Affordable Care Act – What You Need to Know
All Americans will be affected in some manner by the Affordable Care Act. Five new tax forms were released by the IRS as a result of this act for 2014. Let us know if you receive a Form 1095 from an issuer or agency. And please be aware that we must ask you a number of additional questions about insurance coverage so that we can help you avoid any penalties for failure to not have health insurance.
Identity Theft Scams – Don’t Be a Victim
The IRS has issued several consumer warnings about the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumer’s financial information in order to steal their identity and assets. Scamsters will use the regular mail, telephone, fax or email to set up their victims. When identity theft takes place over the Internet (email), it is called phishing. The IRS does not initiate taxpayer communications through email. Unsolicited email claiming to be from the IRS, or from an IRS-related component such as EFTPS, should be reported to the IRS at firstname.lastname@example.org. Additionally, clicking on attachments to or links within an unsolicited email claiming to come from the IRS may download a malicious computer virus onto your computer.
Be Aware of These Recent Scams
IRS-Impersonation Telephone Scam is an aggressive and sophisticated phone scam targeting taxpayers, including recent immigrants, that has been making the rounds throughout the country. Callers claim to be employees of the IRS, but are not. These con artists can sound convincing when they call. They use fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting. Or, victims may be told they have a refund to try and trick them into sharing private information. If the phone isn’t answered, the scammers often leave an “urgent” callback request. Note that the IRS will never: 1) call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a bill; 2) demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe; 3) require you to use a specific payment method for your taxes, such as a prepaid debit card; 4) ask for credit or debit card numbers over the phone; or 5) threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.