Wondering how much you can sock away for retirement next year? Knowing the limits for different types of accounts can help you maximize your retirement savings AND save money on taxes.

Overall, more money tends to make employees happier. Happy employees tend to stay with the company longer. Profit-sharing can be a win/win for employees and employers in small and large companies (and, ironically, non-profit companies can also take advantage of this type of plan).

Company XYZ is an IT consulting company based in the Southeast. The two owners (each aged 38 at the time) started the company in 2013 with six employees and expanded since then to about 30 employees (with plans to grow to 45 employees by 2022).When the two owners opened Company XYZ, they used a large payroll company for payroll processing. The payroll company also offered a 401(k) program, so the owners opted to use this 401(k) because it seemed the easiest option as they got the company off the ground.Here are a few of Company XYZ’s experiences:

If you are an employer, especially if you are an owner of a small business, you are most likely looking for ways to maximize your and your employee’s personal retirement savings dollars while also saving money in taxes.

Life has been coming at us fast lately as we cope with the COVID-19 pandemic. Yesterday, the Senate passed the CARES Act (Coronavirus, Aid, Relief, and Economic Security Act), which offers over two trillion dollars in aid.

Wondering how much you can sock away for retirement?  Knowing the limits for different types of accounts can help you maximize your retirement savings AND save money on taxes.Last week, the IRS released the new deferral rates for 2020.  Without further adieu, see below for the 2019 limits and the new 2020 limits so you can stay on top of your contributions.