TAX STRATEGIES – In case you missed it!

While some of you may still have not heard of this part of the tax bill, we continue to help our clients navigate their way through it.

The 2022-2023 Appropriations Bill (also known as the Omnibus) was released, and it includes a major overhaul called Secure 2.0.

This overhaul will bring some substantial changes to retirement savings and planning for both individuals and small businesses.

Wondering how these changes might affect your retirement plans?

Don’t worry, we’ve got you covered.

Our team at BOOKS IN BALANCE is here to help you make sense of all the changes and ensure you’re on track for a comfortable retirement.

In case you missed it, here’s a quick rundown of some of the key changes included in Secure 2.0:

The 2022-2023 Appropriations Bill, also known as the Omnibus, was signed into law on December 23, 2022 and it includes a major overhaul called Secure 2.0. This overhaul will bring significant changes to retirement savings and planning for both individuals and small businesses.

Some of the key provisions of Secure 2.0 include:

• Increasing the retirement age from 72 to 75 over a period of 10 years
• Automatic enrollment of at least 3% in 401(k) and 403(b) plans
• Increased credit for small businesses offering certain retirement plans, up to $1,000 per employee
• Indexing the allowable catch-up contribution to inflation
• Increased catch-up contribution amounts for those aged 61, 62, and 63 up to $10,000 during those years
• Student loan payments counted as “qualified contributions” for retirement matching
• Ability to roll over unused 529 plans funds into Roth IRAs
• Option to withdraw up to $1,000 per year for a qualifying emergency
• Domestic abuse survivors can withdraw up to $10,000 in a year to cover certain expenses
• Restrictions on charitable deductions for certain syndicated conservation easement schemes

To start your tax planning for these and other changes in your life – contact us to setup a time to start the conversation.

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Brandon Dante

Brandon, is a well-seasoned accountant and heads up the team with 25+ years of senior accounting experience. He holds an Accounting degree with a Minor in Business Administration and a Masters in Accounting. He maintains several certifications and holds various industry related licenses in tax preparation and planning. When Brandon isn't in the office, you'll find this avid dog and animal lover supporting various Bay Area - and beyond - animal charities.

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