Saturday, December 18, 2021

Tax Preparation Checklist

 To prepare your income tax return, go through the following checklist for the categories that apply to you.  Having this information ready, will increase the efficiency, cost and accuracy of your taxes.

Steps to take in preparing for taxes:

  1. Download or print the checklist. Tax Preparation Checklist
  2. Place checklist in a file folder 
  3. As you receive tax documents, place them in the folder and check off the list
  4. Line items on the checklist that do not apply
  5. Enter information and amounts that are not already available on the other documents, such as your bank routing number for direct deposit.

Friday, November 5, 2021

2022 IRA and 401(k) Contribution Limits

IRA contribution limits are the same as 2021.  For anyone saving for retirement with a traditional or Roth IRA, the 2022 limit on annual contributions to their account remains unchanged at $6,000.  It's been at this level since 2019.  The additional IRA "catch up" contribution for people 50 and over stays at $1,000.

Tax Preparation Checklist

 To prepare your income tax return, go through the following checklist for the categories that apply to you.  Having this information ready,...