Retirement Plan Limits Announced for 2022

The IRS announced in November increases to retirement plan limits for 2022. The 2022 contribution limit for 401(k) plans will increase to $20,500, which means that next year you can put an extra $1,000 into your 401(k) plan. The IRS also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings in theRead more about Retirement Plan Limits Announced for 2022[…]

Social Security Benefit to Increase in 2022

Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change meansRead more about Social Security Benefit to Increase in 2022[…]

IRS Updates Business Travel Per-Diem Rates

The IRS recently issued its annual update of special per-diem rates for substantiating ordinary and necessary business expenses incurred while traveling away from home. The new rates are in effect from October 1, 2021, to September 30, 2022. Specifically, the per-diem rates issued include the transportation industry meal and incidental expenses rates; the rate forRead more about IRS Updates Business Travel Per-Diem Rates[…]

Tax Benefits for Charitable Giving Expanded in 2021

Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax changes through the end of 2021. Here’s an overview of these changes. Deduction for individuals who don’t itemize Taxpayers who take the standard deduction usually can’t deduct their charitable contributions. The law nowRead more about Tax Benefits for Charitable Giving Expanded in 2021[…]

SBA Streamlines Forgiveness of PPP Loans of $150,000 or Less

The Paycheck Protection Program (PPP) provided more than 11.7 million forgivable loans totaling nearly $800 billion to small businesses and other eligible entities hurt by the economic impacts of the COVID-19 pandemic. Almost $400 billion has been forgiven. According to the Small Business Administration (SBA), loans of $150,000 or less account for 93% of outstandingRead more about SBA Streamlines Forgiveness of PPP Loans of $150,000 or Less[…]