Archive - December 22, 2008

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2009 Retirement Plan Contribution Limits
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Do You Want a Bigger Tax Refund?

2009 Retirement Plan Contribution Limits

The IRS has announced the cost of living adjustments applicable to dollar limitations for 401(k), profit sharing, IRAs, and other retirement plans in 2009. The new limits are as follows:

  • 401(k) limit will increase from $15,500 to $16,500.
  • 401(k) “catch-up” limit for individuals age 50 and over will increase from $5,000 to $5,500.
  • Defined contribution plan limit will increase from $46,000 to $49,000.
  • Defined benefit and cash balance plan annual benefit limit will increase from $185,000 to $195,000.
  • Contribution limit for benefit and contribution calculation will increase from $230,000 to $245,000.
  • Highly compensated employee definition will increase from $150,000 to
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Do You Want a Bigger Tax Refund?

Do You Want a Bigger Tax Refund?How much will you get back from the IRS this year? If you don’t know, than it’s a good time to begin your tax planning. Most people don’t plan their taxes and then hope for the best. If you get a larger refund than expected, you’re happy, but if you’re forced to pay taxes, you’ll be disappointed. Tax planning gets rid of these surprises.

The truth is, when your taxes are prepared, you are merely documenting the past. There is not much that can be done to save money, when compared to early tax planning. With tax planning there is …

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