Retirement Planning – Traditional 401(K) – LNK Tax Group

A 401(k) plan is a qualified employer-sponsored retirement plan that eligible employees may make salary deferral contributions on a post and/or pre-tax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings in a 401(k) plan accrue on a tax deferred basis.

The maximum contribution amount for a 401(k) is $18,500, plus a catch up contribution for those 50 and older of $6,000 for a maximum of $24,500.

Tax Savings Range:

tax rate times contributions

Our Thoughts:

At LNK Tax Group, we pride ourselves on making sure you have the most amount of money in YOUR pocket (legally, of course). Maximizing your retirement and tax savings should be left to your trusted advisor and LNK Tax Group. Book a free 20 minute consultation with LNK Tax Group and let us help!

Disclaimer:To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and it cannot be used for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. Always seek advice based on your particular circumstances from an independent advisor.