DK Nov Newsletter

  Duffy Kruspodin, LLP’s News

401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

Highlights of Changes for 2019

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.

The limit on annual contributions to an IRA, which last increased in 2013, is increased from $5,500 to $6,000. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the saver’s credit all increased for 2019.

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  Timely Opportunities

5 Ways to Boost Deductions for Charitable Giving
Are you feeling generous? The holiday season is a popular time to donate to charities. But many people are uncertain about whether they’ll be allowed to deduct charitable contributions on their 2018 federal income tax return. This article reviews the provisions of the Tax Cuts and Jobs Act that may affect charitable giving and provides strategies to maximize the tax benefits.

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  Timely Opportunities

Can You Have Too Much Tax Deferral?

Deferring income is a conventional tax planning strategy for businesses and individuals alike. It’s especially effective when your tax bracket is expected to remain the same or decrease in future years. But under the Tax Cuts and Jobs Act, deferring too much income might be inadvisable. Here’s why it’s important to think twice before you defer income under today’s tax law.

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  Planning Your Estate

Leaving a Legacy for Your Heirs
Want to pass your wealth on to your children, grandchildren and future generations after your death? A trust may be the way to achieve that. Here’s one type of trust that can be set up that may benefit you family for decades to come.

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  Business Finance

Tuition Reimbursement: How to Prevent Fraud
Many companies provide tuition reimbursement to employees so they can take courses at educational institutions. You may be surprised to learn that there can be fraudulent activity in these programs. Here are eight steps to help prevent fraud at your organization, as well as some of the factors that put tuition reimbursement programs at risk.

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  Business Tax

Save Taxes While Controlling Employee Health Costs
As an employer, you’re probably fed up with rising health care costs. Many employers have responded by rethinking the benefits they offer. There are ways to provide tax-advantaged health care programs to your employees, and at the same time, cut your overall costs. Here are three options you can consider.

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