Article Date:
November 2020


Word Count:
1628

 

 

2020 Last-Minute Year-End Retirement Deductions


The clock continues to tick. Your retirement is one year closer.

 

You have time before December 31 to take steps that will help you fund the retirement you desire.

 

Take a few minutes to review the four retirement plan tax-reduction strategies in this article.

 

You might find several thousand dollars (and maybe much more) in your pocket by taking the actions in this article. But you’ll need to act now to get the cash.

 

Big Picture

 

Here are the four opportunities we explain in this article:

 

1.

Establish your 2020 retirement plan before December 31 so you can make both an employee and an employer contribution. Yes, you can do this even if you are the sole owner/worker in a proprietorship or a corporation.

2.

Claim up to $15,000 in tax credits by having your business create a retirement plan that covers you and your employees.

3.

Claim up to $1,500 in tax credits by enabling the automatic contribution.

4.

Convert to a Roth IRA.

 

1. Establish Your 2020 Retirement Plan

 

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