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Numerous tax limits affecting businesses have increased for 2020

Posted by Admin Posted on Jan 28 2020

An array of tax-related limits affecting businesses are annually indexed for inflation, and many have increased for 2020. For example, the Section 179 expensing limit has gone up to $1.04 million from $1.02 million. Also up are the income-based phase-ins for certain limits on the Sec. 199A qualified business income deduction for owners of pass-through entities. And most limits related to employer-sponsored retirement plans, such as 401(k)s, are higher this year. This includes employee contributions to 401(k) plans, which are up $500 this year to $19,500. If you have questions about the tax limits that will affect your business in 2020, contact us.