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Tax Planning Tips for 2015: How to Maximize Your Retirement Savings

Posted by kftaxaccounting2014 on December 19, 2014 in Uncategorized | 4 comments

Nothing says Happy New Year like trying to make sense of upcoming tax law changes, right?

Still, the start of every new year is a great time to take a look at your financial situation and make sure you’re progressing toward your goals, especially when it comes to saving for retirement.

Here are the tax law changes you need to know about if your goal is to maximize your retirement savings – and the tax benefits for doing so – in 2015.

Increase Your Retirement Plan Contributions for Specific Account Types

Do you intend to contribute the maximum allowable to your retirement plan?  If you participate in plans such as a 401(k), a 403(b), or most 457 plans, this affects you. Also, if you’re a federal employee who uses the Thrift Savings Plan (aka TSP) to save for retirement, you also have an increased contribution limit in 2015.  Specifically, the limit has increased by $500 to $18,000 for all of the plans just mentioned.  This means you’d need to contribute $1500 per month to make the maximum contribution during the year.

Making Catch Up Contributions?

If you’re 50 years of age or over and you participate in the plans mentioned above, you also get an increase in the so-called “catch up” contributions – up to $6000.

Which Retirement Plan Contribution Limits Didn’t Change?

Neither standard annual IRA contributions nor catch-up contributions to IRA accounts changed; they remain $5,500 and $1,000, respectively.

What if You Contribute to an IRA and are Covered by a Workplace Retirement Plan?

If you contribute to an IRA and are covered by a retirement plan at work, your modified adjusted gross income will determine how much (if any) of the deduction you’ll be eligible for.  Also, if you don’t have a workplace retirement plan but you’re married to someone who does, your modified adjusted gross income will determine how much of the deduction for contributing to an IRA you’re eligible for.

Proper planning for retirement is critical today more than ever in order to enjoy your golden years with a minimum of financial stress.

But for so many people, the constant changes can become confusing and overwhelming. Don’t let the confusion keep you from the planning you need to do.

Let our office help you make sure you’re moving toward your financial goals for 2015.  We’d love to help!

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

4 Responses to Tax Planning Tips for 2015: How to Maximize Your Retirement Savings

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