Are you reducing your taxes as much as you can through your Qualified Retirement Plan (QRP)? Deferring taxes by saving into a QRP allows you to reduce your taxable income in the year those savings are made, thereby reducing your taxes in that same year. The maximum amount you can save and defer is INCREASING in 2017, by up to $5,000!
The maximum amount that can be placed (by both employer and employee) in a defined contribution plan like a 401k is increasing to $54,000. This is an increase of $1,000. The maximum that can be placed into a defined benefit plan is increasing to $215,000.
We can help you with your strategies to maximize your saving and investing in your QRP if you are not already maximizing yours.
Call me directly at 919.781.5192 for more information or email me at gray@pendletonfinancial.com.
image source: https://pixabay.com/en/tax-taxes-government-refund-word-1351881/