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IRS announces changes to retirement plans for 2022

Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of changes for 2022

Teachers can deduct out-of-pocket classroom expenses including COVID-19 protective items

Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add up fast. Fortunately, eligible educators may be able to offset

Foreign Earned Income and Housing Exclusion

If a taxpayer is a U.S. citizen or resident alien, the rules for filing income tax returns and paying estimated taxes are generally the same whether he or she is in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.

IRS announces 401(k) limit increases to $20,500

The Internal Revenue Service announced recently that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans