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To deduct the employer contributions made to your company retirement plan for any given year, plan contributions must be deposited no later than the due date (including extensions) of your federal tax return. Below is a summary of the deadlines for a calendar year tax filer.

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As the cost of living rises every year, retirement plans can be affected.  Lets take a look at the new year’s COLA adjustments for 2019.

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If you might not have heard yet, a new tax law was put in place this year. The new law offers a 20% tax deduction to owners of pass-through entities such as sole proprietorships, S corporations, and partnerships. The deduction limited specified service businesses including health, law, accounting, actuarial science, performing arts, consulting, athletics, financial, brokerage, or any business where the principal business is the reputation or skill of one or more of its employees.

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We encourage you to be sure to adjust your 401(k) or 403(b) deferrals for your first payroll in 2019, if you would like to save the maximum allowable amount. The new limit for retirement plans is $19,000, plus another $6000 catch-up for those 50 years or older.

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In medieval times, people shared scarce and sacred bathwater and after a baby had been bathed, the water was so murky the baby was in danger of being thrown out with the bathwater!  A common misconception about 401(k) plans is that companies are stuck with their initial 401K plan as it was originally designed….and that no changes can be made without throwing out the plan and starting over.  The parallel in the former analogy should be pretty obvious.

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