Tax Law

When utilizing a 401(k) plan for your retirement savings, you may be given the option to choose between a traditional or Roth account, but it does not always have to be one or the other. Instead, [...]

Many large companies offer their employees a 401(k)-retirement plan; a decision that may come with this benefit is whether to choose a traditional 401(k) or a Roth 401(k). Here are some reasons [...]

What is a Roth 401(k)? A Roth 401(k) is a type of retirement savings account that is less prevalent than the traditional 401(k) but is growing in popularity. These accounts have features similar [...]

401(k) Contribution Limits for “Highly Compensated Employees.” If you are a highly compensated employee (“HCE”), you may be subject to certain limitations on the funds you may contribute to your [...]

Total Limits on 401(k) Employer and Employee Contributions Total 401(k) contribution limits refer to the maximum contribution amount by both employer and employee. In 2022, the total contribution [...]

What is a 401(k) plan? A 401(k) is an employee-sponsored retirement savings account. With a 401(k), individuals invest pretax funds directly from their paychecks into an employer-sponsored [...]

Tax deferral refers to the action of delaying the payment of taxes to some point in the future.   Some taxes can be delayed for an unlimited amount of time, and others may be taxed at a [...]

Below-the-line deductions, also known as itemized deductions, include any deduction reported under the line for AGI calculation on your tax return. Each tax season, you can choose whether to [...]

Before we get into above-the-line deductions, let us start with some helpful definitions: Deduction: another way of saying ‘subtract.’ In the context of a federal tax return, a deduction is an [...]

On March 29, 2022, the House of Representatives passed the Securing a Strong Retirement Act (“the Act”) with a bipartisan vote of 414 to 5. The Act has been nick-named the “Secure Act 2.0” as it [...]