How Much Can You Save on Your Taxes by Using a 401K Plan?


Posted May 14, 2020 by lifeincrs

If you are searching for low cost 401k providers who can help you to set up these accounts and even answer any of your questions, then Life, Inc Retirement Services is ready and willing.
 
There are always going to be questions about just how much you might be able to save on your taxes when it comes to having a small business 401k plan in place. There is a lot that you should think about when it comes to your taxes and how you can end up saving more rather than owing or getting a refund. Here is everything that you might want to know about saving money this way when it comes to your taxes and Life, Inc Retirement Services can help you.

How Much You Can Save

Make sure that before you set up any 401k plan administration or you start paying into these accounts that you know just how much you can save. If you are hoping to use these as a tax free way of saving money, then here is everything you need to know, including:

• Current limit for 2020 is $19,500
• Additional catch-up amount of $6,500 per year is allowed for individuals over the age of 50
• Amount contributed is tax-deductible since it comes from the amount you earn before taxes are subtracted

The more you are aware, then the more you can save, but if you have any questions about what is allowed, then make sure to talk to Life, Inc Retirement Services.

If you are searching for low cost 401k providers who can help you to set up these accounts and even answer any of your questions, then Life, Inc Retirement Services is ready and willing. They can help you to know what the current rate is that is set by the IRS and what you can contribute based on your age. This can be a complicated and confusing area, so make sure that you are getting professional help if you can’t understand the rules and regulations.

CONTACT US:

Life Inc. Retirement Services
100 E. Campus View Boulevard
Suite #250
Columbus, OH, 43235, USA
Phone: 614-396-7652
Email: [email protected]
Website: https://www.lifeincrs.com/
Facebook: https://www.facebook.com/LifeIncRetirement
Linkedin: https://www.linkedin.com/company/life-inc-retirement-services
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Contact Email [email protected]
Issued By Life Inc. Retirement Services
Phone 614-396-7652
Country United States
Categories Finance
Tags best 401k for small business , best 401k providers , cash balance plans , starting a 401k plan for a small business
Last Updated May 14, 2020