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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
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If your business offers its employees a retirement plan and other benefits, you should be aware of increases to contribution and income limits for tax year 2019 due to an inflation adjustment. Here’s a look at some of them:
The compensation limit to determine contributions increases $5,000 to $280,000, while the limit to determine discrimination testing also rises $5,000 to $180,000 of key employee compensation.
The elective contribution limit for a Simple IRA rises $500 to $13,000, with employer non-elective contributions capped at 2% of compensation up to $280,000, up from $275,000. The $3,000 catch-up contribution is unchanged. And, finally, the contribution limit for defined benefit pension plans increases to $225,000 from $220,000.
If you have employees who earn their income overseas, the foreign earned income exclusion amount is $105,900. Don’t forget to adjust for increased Social Security income limits, if you haven’t already. That’s risen to $132,900, up from $128,400. And, finally, don’t forget to file all of your forms, including tax returns, on time. Failure to do so can be costly. Talk to your tax professional for more information.
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