April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one.

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees.

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

Saving now for retirement is one of the best moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2020 tax return.

Your business may employ workers of various ages. To get the most out of them, supervisors need to recognize generational differences and adjust their communication styles appropriately.

In order to claim a charitable deduction on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t received one yet for a charitable donation you made in 2020?

It’s understandable if you’re more concerned about your 2020 tax bill than you are about your 2021 tax situation. That’s because your 2020 individual tax return is due to be filed in less than 3 months. However, it’s a good idea to familiarize yourself with tax amounts for this year. For example, the amount you have to earn in 2021 before you can stop paying Social Security on your salary has increased to $142,800 (from $137,700 for 2020). For 2021, you can contribute up to $19,500 (unchanged from 2020) to a 401(k) plan. You can contribute another $6,500 catch-up amount to a 401(k) if you’re age 50 or older. Contact us if you have questions or need more information.