Best Estate Planning Attorneys in Stonecrest, GA

Plan Your 2023 Retirement Contributions As part of your planning for next year, now is the time to review funding your retirement accounts in 2023. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher income phaseouts for eligibility will make many more taxpayers eligible for fully-deductible contributions. So plan now to take full advantage of this tax benefit. Identify the the type(s) of retirement savings plans that you currently use. Note the annual savings limits of the plan to adjust your savings to take full advantage of the annual contributions. Remember, a missed year is a missed opportunity that does not come back. If you are 50 years or older, add the catch-up amount to your potential savings total. Take note of the income limits within each plan type. For traditional IRA’s, if your income is below the noted threshold, your taxable income is reduced by your contributions. The deductibility of your contributions is also limited if your spouse has access to a plan. In the case of Roth IR As, the income limits restrict who can participate in the plan. If you have not already done so, also consider: Setting up new accounts for a spouse or dependent(s) Using this time as a chance to review the status of your retirement plan including beneficiaries Schedule a free consultation:...