Straight Talk CPAs Announces Assistance with New 2024 Retirement Plan Contribution Limits

MARLBORO, N.J. - Dec. 20, 2023 - PRLog -- [Marlboro, New Jersey] - Straight Talk CPAs, a trusted leader in accounting and financial advisory services, is excited to announce comprehensive support for both existing and new clients in response to the recent IRS announcement regarding the 2024 retirement plan contribution limits. This significant update to the tax code is set to benefit a wide range of taxpayers, and our expert team is ready to offer tailored assistance to ensure maximum advantage for all our clients.

Key Changes in 2024 Retirement Plan Contribution Limits:

1. Increased Contribution Opportunities: The 2024 adjustments allow for increased contributions to various retirement plans. The limit for 401(k), 403(b), and most 457 plans, as well as the federal Thrift Savings Plan, has been raised to $23,000. Additionally, the contribution limit for both traditional and Roth IRAs has been increased to $7,000.

2. Enhanced Savings for Older Employees: Individuals aged 50 and above can now contribute an extra $7,500 to their 401(k) and similar plans, totaling a potential contribution of $30,500. SIMPLE retirement account holders over 50 can contribute up to $16,000.

3. Adjusted Income Ranges for Deductions and Credits: The IRS has revised the income ranges for deductibility of IRA contributions and eligibility for retirement savings contributions credit (saver's credit), allowing more taxpayers to benefit from these deductions and credits.

Don't miss out on the opportunities presented by these new tax code changes. Contact Straight Talk CPAs today to schedule a consultation and start optimizing your retirement strategy. Let us help you navigate these changes with confidence and ease. For additional details click on the link https://www.straighttalkcpas.com/maximizing-your-retireme...

About Straight Talk CPAs: Straight Talk CPAs is a premier accounting firm dedicated to providing transparent and reliable financial solutions to individuals and businesses. Founded by Salim Omar, the firm's team of skilled professionals offers a full range of tax and accounting services tailored to meet the unique needs of each client. With an unwavering commitment to excellence, Straight Talk CPAs prides itself on delivering trustworthy advice and building lasting relationships with clients.