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Monday, November 11, 2019

How To Minimize Taxes When You Inherit An IRA

David Rae, Contributor
Personal Finance
Apr 18, 2019

You have two main options after inheriting a retirement account. Withdraw all of the money and receive a whopping tax bill, or move the inherited 401(k) or IRA into a Beneficiary IRA (aka Inherited IRA) and defer taxes until you make withdrawals. More>>

Employee Versus Independent Contractor

By  Frank Messina, DBA, CPA, Bruce P. Ely, JD, LLM, Lisa-Ann Polack, PhD, CP and Marena Messina, CPA
February 2019

Classifying a worker as an employee or an independent contractor has a significant effect on the cost of employing that individual. ...More>

Tax professionals have four requirements for meeting their due diligence

You may notice that your tax preparer is asking you a lot of additional questions this year. Why is that?

Click on our Newsletters tab and select Tax Insight for the January issue to see why.

2019 Pension and Social Security Limits

Social Security  
Cost of Living Increase 2.8%
FICA Wage Limit: $132,900
Earnings Limit if drawing before age 66 $ 17,640
   
2019 IRA  
Traditional & Roth IRA Limit $ 6,000
Over age 49 catch up $ 1,000
   
2019 SEP  
Maximum Contribution $ 56,000
Over age 49 catch up $ 0
   
2019 SIMPLE  
Maximum deferral $ 13,000
Over age 49 catch up $ 3,000
   
2019 401-K/403-B/457  
Maximum deferral $ 19,000
Over age 49 catch up $ 6,000
Maximum contribution all sources $ 56,000 (plus catch up)
   
2019 Defined Benefit Plan Limit $225,000