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SG Accounting Services LLC

Ways for Everyone to Save on Taxes Under the New Tax Law

Max Out Your Tax-Deferred Savings One of the best ways to cut your taxes is to set money aside in a tax-deferred retirement account. Not only are you doing the wise thing by saving for a winning retirement – you could trim your income enough to fall into a lower…

Tax Tips 2021

Money taken from retirement account If a taxpayer pulled money out of their retirement account for coronavirus-related issues and does not intend to repay it within three years, one-third of the tax should be paid with their 2020 return. Mortgage insurance premiums The treatment of qualified mortgage interest premiums as…

4 Things to Know About Filing Your Taxes This Year

Filing a tax return may not rank on your top 10 list of fun things to do, but it's a necessary task for most of us. If you're gearing up to file taxes this year, here are a few things you ought to know about. 1. The filing season is off…

The 401(k) and IRA Maximum Contribution Limits for 2021

Saving independently for retirement is a good way to ensure that you don't wind up cash-strapped once your career comes to an end and you're left to rely heavily on Social Security to pay the bills. And knowing how much you're allowed to contribute to a retirement plan each year can help you establish…