Larger Deductions for Business Owners

Simplified Employee Pension Plan (SEP-­IRA)  IRC § § 402(h) and 415 limit the amount of contributions made to an employee’s SEP-­IRA to the lesser or $53,000 or 25% of the eligible employee’s compensation. 401(K) Limit The 2016 maximum employee contribution is $18,000 Tax Tip: Contribution may be made until the filing of the tax returns, including […]

Charity Tax Breaks If You’re Over 70.5 Years

Direct Charitable Distribution From IRAs Taxpayers over 70 ½ years old can now make $100,000 per year direct tax ­free distributions from their IRAs to their choice of qualified charitable organizations, regardless of their Adjusted Gross Income (AGI). These transfers are neither included in gross income nor deducted on Schedule A. Furthermore, these distributions are […]