2019 DOLLAR LIMITATIONS The IRS has announced the retirement plan limitations for 2019. Limitations which apply to Pension Plans (including Profit Sharing and 401(k) Plans) for the Year 2019 are: Annual Compensation Limit for Plan purposes $280,000 (increased from $275,000) Highly
Can I still set up a retirement plan for my business and get a tax deduction for 2018?
Yes, you can! You can set up a Simplified Employee Pension (SEP) up until the due date of your tax return, including extensions! You must contribute for each eligible employee. You can set up a SEP using IRS Form 5305-SEP. Your contributions are tax deductible, and you are saving for