Important Reminders for 2020 Year End Legal Issues
From Our Colleagues at Frye & Vazquez, P.L.
As the year winds down, there is a lot to think about. Our colleagues at Frye & Vazquez, P.L. prepared this list to discuss with their clients, and you might find it helpful to discuss with yours.
Gifting for 2020
Estate tax exemption changes that may affect you
Personal and small business year-end planning issues with 12/31/20 deadlines
Help Supercharge Your Clients’ Tax Savings For 2020!
And Help Them Maximize Their Retirement Savings, Too!
Make Sure Your Clients Have Maximized their 401(k) Deferrals for 2020
As the year draws to a close, it is a great time to remind your clients to maximize their 401(k) deferrals. For this year, plan participants can contribute up to $19,500; if 50 or over they can contribute an additional $6,500.
Let us help your client establish a tax-deductible qualified retirement plan.
At Frye Retirement Planning, we use state-of-the-art design techniques to maximize owner/key employee benefits and lower overall plan costs.
$57,000 allocation for each owner in 401(k)/profit sharing plans. If 50 or older, up to $63,500 can be funded into 401(k).
Potentially up to $300,000 max contributions for small business owners in Cash Balance/Defined Benefit plans (depends on age and service).
Uni-K plan to maximize deductions for self-employed, owner-only, partners or owner-spouse business owners with low W-2 wages (i.e. deduct $29,500 with only $40,000 in wages; if 50 or older, deduction increases to $36,000).
Don’t delay – contact our office now to learn how we can help maximize your clients’ tax savings.
