Changes in tax and retirement law for 2020 will allow
Americans to save more money this year than last. According to Geltrude & Company Founder,
Dan Geltrude, there is an opportunity to put money away tax deferred. The Secure Act which became law at the start
of this year, will help taxpayers use their tax savings to invest in their
future retirement.
In addition, the IRS raised the cap on 401(k) contributions
by $500 to $19,500. People 50 and older
can contribute an additional $6500 as part of their catch-up contributions.
That’s also $500 more than last year. One incentive to save is that traditional
pre-tax contributions to a 401(k) can reduce your adjusted gross income or
taxable income.
Las Vegas CPA, Michael Mathews, wants you to know. He is ready to help you prepare your IRS tax
form before the mid-April deadline. Make
sure that this year everything is done 100% correctly by trusting Michael. He can be found on the web at accountant-lasvegas.com. Just give him a call and make an appointment
at his Northwest Las Vegas location (702) 240 - 5237.
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