The Social Security Wage Base for 2021 will increase to $142,800.00
Simple IRA - the maximum deferral for 2021 is $13,500.00; however, if you are 50 or over, you can defer an additional $3,000.00.
401k, 403b, 457 - the maximum deferral for 2021 is $19,500.00. If you are 50 or over, you can defer an additional $6,500.00.
Roth IRA and Traditional IRA - the maximum deferral is $6,000.00. If you are 50 or over, you can defer an additional $1,000.00.
HSA - For 2021, an individual with self only coverage can contribute $3,600. An individual with family coverage can contribute $7,200. If you are 55 or older, you can defer an additional $1,000.
The business mileage reimbursement rate for 2021 will be 56 cents per mile. If you need to reimburse for 2020 mileage, that rate was 57.5 cents per mile.
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and independent professionals. We are affordable, experienced, and friendly.
Please call us today at (804) 355-2477. We'll be happy to offer you a free initial consultation. Thanks for visiting!