Melanie Lockert’s Post

*Hot of the press* The IRS just announce the 2025 401k contribution limits. The maximum annual contribution for those under 50 will increase to $23,500 and the catch-up contribution for those over 50 will remain $7,500. In a new twist, employees between the ages of 60 and 63 will be allowed to contribute an additional $4,000 on top of the catch-up.

🌟 8 Considerations & Mistakes to Avoid in the BP ESP 401(k) This Year 🌟 Adjust your 401(k) throughout the year to avoid taxable errors or missed opportunities. The bp ESP 401(k) is not a "set it and forget it" plan. Learn more: https://lnkd.in/guQNFeFp Follow us: Willis Johnson & Associates #retirementplanning #401k #bp #taxes #401kcontributions

Updated Mon, Aug 28 2023 Read the full article: IRS delays change for 401(k) catch-up contributions. Here's what higher earners need to know ▸ https://lnkd.in/ghdwq_km #Roth401(K)Plans #401(K)Plans #PersonalFinance #LifeChanges #IrsDelaysChange #CatchUpContributions #HigherEarners #PublishedMon

How to Take Advantage of 401(k) Catch-Up Contributions (via U.S. News & World Report): https://ow.ly/nFzQ50Tsbc6 #USNews #smallbusiness #smallbiz #investmentplans #businesstaxes

The IRS has announced higher 401(k) contribution limits for 2025. Here’s what you need to know. https://buff.ly/4huRFAt #Money #401k #RetirementPlanning #FinancialPlanning

💰 Discover the benefits! State-mandated IRA plans vs. Plan Sponsored 401(k). With IRA plans, you can contribute $7,000; 401ks allow contributions up to $23,000! No employer matches in IRAs, but 401ks offer tax-deductible contributions and profit-sharing. With Secure Act 2.0, there are lucrative tax credits over 5 years! Don't miss out on maximizing your savings potential with either plan. 💼 #retirementplanning #taxcredits #401kbenefits"

Still looking for deductions on your 2023 Taxes? If you are self employed with no employees or a solo entrepreneur "solopreneur" you have access to a Solo 401k (indivdual 401k), which is my favorite type of retirement account. The maximum employer contribution to a solo 401(k) in 2023 is 25% of the employee's compensation, up to the total annual contribution limit. The total combined contribution from both the employee and employer cannot exceed $66,00, or $73,500 for those who are 50 or older.    Here are some other things to know about solo 401(k) employer contributions:    All employer contributions must be made pre-tax.    The contribution limit for compensation is $330,000 in 2023.    The annual contribution deadline depends on the entity type:    Sole proprietorship: April 15, or October 15 if a tax extension is filed    LLC taxed as an S-corporation: March 15, or September 15 if a tax extension is filed    LLC taxed as a partnership: March 15, or September 15 if a tax extension is filed

Anthony can help take you through your strategy or a strategy to help set you up for long term success. Honest, easy to talk to and empathetic to his clients needs are just a few of Anthonys strengths. Reach out to him today.

How to Take Advantage of 401(k) Catch-Up Contributions (via U.S. News & World Report): https://ow.ly/nFzQ50Tsbc6 #USNews #smallbusiness #smallbiz #investmentplans #businesstaxes

Small business owners, are you maximizing your retirement savings? An Individual 401(k) offers tax benefits, flexibility, and opportunities for growth—perfect for owner-only businesses or those with minimal employees. Learn if this plan is the right fit for your financial future. #Solo401k #SmallBusinessRetirement # RetirementPlanning #Wealth #BusinessOwner #InvestmentStrategies