Personalized Attention
Tailored financial solutions aligned with your unique goals.
Local Expertise
In-depth knowledge of Pinellas County regulations and business landscape.
Comprehensive Services
From tax filings to business startups, we cover every financial need.
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Harness the full power of QuickBooks for seamless financial operations.
Retirement Planning
Retirement Planning is an important and often overlooked step for business owners. There is no government pension, no company sponsored 401(k) plan to subsidize your eventual retirement. Like everything else, it is your responsibility.
You can defer tax by investing in your own retirement plan. By saving money tax deferred you reduce your current tax bill and invest the money for your future. For most people, you will be in a lower tax bracket, paying less tax. When you take it out in retirement.
There are several different types of retirement plans you can start based on your needs. If you have employees, you are required to make a contribution for them in most cases. We can show you the after tax advantages of your available options.
Contribution Limits
IRA Contribution Limit |
$5,500 |
|---|---|
| IRA Age 50+ catch-up contribution | $1,000 |
SEP plan participant percentage of compensation |
25% |
| SEP plan participant maximum dollar alocation limit | $55,000 |
| SEP minimum compensation amount | $600 |
SIMPLE IRA employee deferral |
$12,500 |
| SIMPLE IRA catch-up — Age 50 or older | $3,000 |
| Maximum elective deferral to SIMPLE plan | $12,500 |
403(b) TSA elective employee deferral |
$18,500 |
| 403(b) TSA catch-up — Age 50 or older | $6,000 |
| 403(b) TSA catch-up — 15 or more years of service with current employer | $3,000 |
| Defined contribution maximum employer percentage deduction limit (of eligible payroll) | 25% |
| Defined contribution plan annual addition limit | $55,000 |
| Maximum elective deferral to 401(k), 403(b) or 457 | $18,500 |
| 401(k) Age 50+ catch-up contribution | $6,000 |
| Annual Includable compensation limit | $265,000 |
| Highly compensated employee compensation limit | $120,000 |
| Annual retirement benefit under defined benefit plan (not to exceed 100% of compensation) | $210,000 |
Phase-out range for deductible contributions to traditional IRAS |
|
| Married Filing Jointly | |
| Both Spouses as participants in Qualified Plan | $101,000-$121,000 |
| One Spouse as particapants in Qualified Plan | $189,000-$199,000 |
| Single/Head of Household | $63,000-$73,000 |
Phase-out range for contributions to Roth IRAs |
|
| Married Filing Jointly | $189,000-$199,000 |
| Single/Head of Household | $120,000-$135,000 |
Secure Your Future: Expert Retirement Planning Solutions
Our Retirement Planning services go beyond the ordinary, offering comprehensive guidance tailored to your unique vision.
Financial Security
Wealth Preservation
Goal Setting
Tax Efficiency
Risk Management
Peace of Mind
$$$
We’d Love to Help You With Your Retirement Planning Needs
Company Information
(727) 466-9575
info@tampabaytax.com
Hours of Operation
Mon-Fri 9:00am - 5:00pm
St. Petersburg, FL
Proudly Servicing
Pinellas County FL & Surround