Services We Offer
  Tax Preparation and Filing

Whether you’re a self employed individual or filing as a corporation, get peace of mind with taxes done correctly and efficiently. (Get More Info)

  IRS Tax Problems Resolution

Whether you’re facing tax levies, liens, or garnishments, don’t face the IRS alone. We may even be able to arrange a reduced payment. (Get More Info)

  Business Registration

Need help registering your new business as an LLC, corporation, or partnership registration? Keep it simple – let us help! (Get More Info)

  ITIN Application

Do you need an Individual Tax Identification Number(ITIN)? We are authorized by the IRS to assist you in obtaining one. We can help! (Get More Info)

  Accounting and Bookkeeping

If you’re not a bookkeeper or accountant, spending time on this task is decreasing your profits! Our services can help your business grow! (Get More Info)

  Payroll Processing

Payroll is a hassle and a huge time drain for small businesses. Let us help with all aspects of your payroll processing (Get More Info)

  Notary Services

When you need notary services, we’re your trusted partner. We provide fast service for your notary needs. (Get More Info)

title left box

Streamline your filing process and avoid the risk of process glitches. We can help you.

Contact Information
KF Tax & Accounting, P.C.

1970 Rawhide Drive, Suite 204
Round Rock, Texas 78681

Tel:  512-244-1516
Fax: 512-244-1567

Email: enquiries@kftaxandfinancials.com
Read Unbiased Consumer Reviews Online at AngiesList.com
angieslist.com/review/8340522

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

  1. Howdy! I could have sworn I’ve been to this website before but after going through many of the articles I realized it’s new to me.
    Nonetheless, I’m definitely delighted I stumbled upon it
    and I’ll be bookmarking it and checking back frequently!

    • kftaxaccounting2014 says:

      Hello,
      We are glad you stumbled on our website and that you like it.And thank you for the bookmark too,we hope to maintain our standard and post more beneficial blogs here.

  2. fungal nail says:

    Pretty nice post. I just stumbled upon your blog and wanted to say that I have truly enjoyed surfing around your blog posts.
    After all I will be subscribing to your rss feed and I hope you write again soon!

Leave a Reply

Your email address will not be published. Required fields are marked *