Year-End Income Tax Planning Tips
As a very eventful 2020 comes to a close, we would like to share the following tax tips to consider before year-end: 1. Maximize your retirement savings. The contribution limit on an IRA or Roth IRA is $6,000 in 2020 with an additional catch-up contribution of $1,000 for taxpayers age 50 and over. The 401k plan contribution limit is $19,500 with an additional contribution of $6,500 for taxpayers age 50 and over.