So, the IRS updated key 401(k) contribution limits and there is good news not just for employees (as we covered previously) but also the small business owners. Employees are allowed to save $500 more each year which really adds up. For owners, the good news is that the threshold has been updated for highly compensated employees, and now stands at $120,000. This means that it may just make it easier for you to pass your non-discrimination tests this year!
You can now save more in taxes and possibly compensate top employees (including yourself) more.
2015 contribution limits
** What next?**
Well, the only logical next step is to speak with us. Let’s talk shop!