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October 21, 2011

You know it is time to start your year-end tax planning.

When IRS starts to announce the next years limitations, you know it is time to start your year-end tax planning.  The limitations for retirement related items for 2012 were released yesterday.
The maximum employee contribution to 401(k) and similar plans will increase to $17,000.  The catch-up contributions for those at least 50 years old will remain at 45,500. 
The contribution phase outs and other limitations were also announced.  The link is to the IRS announcement.
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