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Small Business Retirement Plans Just Got More Attractive

If your small business is considering starting a new retirement plan in 2020, the recently-passed SECURE Act has good news for you! Startup Tax Credit Leaps from $500 to $5,000 Effective for tax years beginning after December 31, 2019, small businesses thatĀ adopt a new qualified retirement plan, SIMPLE IRA plan, or SEPĀ can now obtain an increased tax credit to offset…

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2020 Numbers to Know

Each year, the IRS updates numbers based on inflation that affect payroll, retirement plans, and employee benefits. Here are some key figures for 2020: Payroll Social Security Taxable Wage Base - $137,700 Social Security Withholding Percentage - 6.2% Medicare Taxable Wage Base - unlimited Medicare Withholding Percentage up to earnings of $200,000 - 1.45% Medicare Withholding Percentage for earnings above…

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