By Mary Ellen Schill
October 23, 2014
Autumn brings two things, at least in Wisconsin. Lots of leaves on your lawn, and the IRS announcement of the contribution and benefit limits applicable to qualified retirement plans for next year. Let s ignore the leaves for now, but the IRS limits we can help you with. Keep this chart with your important papers.
Adjusted annually for cost of living, the IRS limits on contributions and benefits for retirement plans can have a significant impact on both personal and corporate tax planning. Unlike for 2014, 2015 will bring some welcome increases in the limits.
Along with the IRS announcement, the Social Security Administration has also announced the taxable wage base for 2015, $118,500.
Please feel free to share our handy chart with your payroll department, and get back to raking those leaves!
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