Reminder: Update to QB Desktop 2021 | |
If you are currently using an older version of QuickBooks Desktop, we recommend upgrading to QuickBooks 2021 Pro by December 10, 2021. One-time purchase licenses will not be available for QuickBooks 2022. If you upgrade to QuickBooks 2022, you will be forced into the annual subscription pricing. After December 10, 2021, you will no longer be able to purchase older versions of the software, and you will be subject to the annual subscription fee.
To avoid the subscription, your license must be for QuickBooks Desktop Pro, not Pro Plus. If you're having trouble finding the correct version, please do not hesitate to contact us.
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As we near the end of 2021, we encourage all of our clients to take a few minutes to reflect on the year. Have you had significant changes? Do you expect to have changes in the remaining months of 2021? Do you want to make sure that you will not owe a considerable amount with your 2021 return? There are many reasons why a tax projection may be especially helpful this year.
There is still time to check in with us to see if you would benefit from a tax projection. Please get in touch with Michelle at [email protected] if you are interested in this service
*Please keep in mind that tax projections and tax planning are outside the scope of your 1040 preparation and an additional fee will apply.
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2022 Retirement Contribution Limits | |
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The limit on elective deferral contributions to 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan will be increased to $20,500 for 2022. The catch up contribution for those 50 and older will remain the same at $6,500.
The maximum deductible IRA contribution for 2022 will also stay the same at $6,000.
Here are the 2022 IRA phase-out ranges defined by the IRS:
- For single taxpayers covered by a workplace retirement plan, the phase-out range is $68,000 to $78,000, up from $66,000 to $76,000.
- For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $109,000 to $129,000, up from $105,000 to $125,000.
- For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple's income is between $204,000 and $214,000, up from $198,000 and $208,000.
If you have questions about retirement contributions, contact us at Jellison CPA.
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The annual cap on deductible contributions to HSAs rises to $7,300 for family coverage and $3,650 for self-only coverage. Qualifying policies must limit out of pocket costs for deductibles and co-payments to $14,100 for family health plans and $7,050 for people with individual coverage. Minimum policy deductibles stay at $2,800 for families and $1,400 for individuals. | |
Give Thanks...
We hope that you have a wonderful day spent with friends and family!
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Our office will be closed Wednesday, November 24th, through Friday, November 26th, for the Thanksgiving holiday.
Monday through Friday
9 a.m. to 4 p.m.
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JELLISON CPA, 3560 AVON ST., HARTLAND, MI 48353, 810-991-1761, JELLISONCPA.COM | | | | |
