2025 IRA, Retirement Plan Contribution Limits And Social Security News
Posted on 05. Feb, 2025 by Brian Parker in IRA Contributions, Tax News
Elective Contributions to IRAs, 401(k)s and Other Qualified Plans On November 1, 2024, the IRS announced new limits for IRA, pension and other contributions for 2025. For the most part, the limits increased from 2024 because there was a rise in the cost-of-living index. The maximum limit for contributions to IRAs remains the same at $7,000 for 2025. If you are age 50 or older, you can contribute a maximum of $8,000 to an IRA for 2025, the same as for 2024.…Read More
2025 Income Tax Update
Posted on 05. Feb, 2025 by Brian Parker in Tax News
The 2017 Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. This tax act made sweeping changes to the U.S. tax code and impacts virtually every taxpayer and family. The TCJA made major changes in the tax law that affected 2018 and future tax returns. The TCJA will remain in effect through 2025, when it then reverts back to prior tax law. With the new Administration coming into power, we will see what changes happen in 2026.…Read More
