401(k) and IRA Limits Increase in 2023

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. They have also announced increased contribution limits for Individual Retirement Arrangements (IRAs). Highlights of changes for 2023 The contribution limit for employees who participate in Read more…

Tax Deductions for Educators

School is back in session in most areas, and students and teachers are again returning to the classroom. It’s unfortunate, but many teachers find themselves having to pay for necessary classroom supplies our of their own pocket. The educator expense deduction allows these eligible teachers and administrators to deduct part Read more…