No Time Like The Present!
Remind Your Clients To Defer The Maximum To Their 401(k) Plans
To help your clients realize their biggest possible tax savings (as well as to increase their retirement savings), now is a great time to remind them that they should maximize their deferrals to their 401(k) plans. December 31, 2021 is the last day to do so for 2021, so there’s no time to delay! Deferral limits for 2021 are $19,500 with an additional $6,500 for those aged 50 or older.
Deadline For Funding 401(k) Deferrals!
Many employers think the deadline for depositing a 401(k) contribution is the 15th business day of the month after they withheld the contribution from an employee’s wages.
That is not correct, though. Employers who wait until the 15th day of the following month to deposit deferrals might find out that they owe a penalty, among other unpleasant consequences. Read More »
