2015 Tax Updates

tax mistakeHere are a few recent tax changes for the upcoming 2015 tax year that you should be aware of:

  1. The annual contribution limit for 401(k)s, 457 plans, and thrift savings plans is $18,000;
  2. The catch-up contribution limit for taxpayers over age 50 is $6,000;
  3. The annual contribution limit for IRAs is $5,500;
  4. The definition of a highly compensated employee is anyone who earns over $120,000; If you are having tax issues, contact our law office at 816-524-4949.
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