Lady Hawkins Bookkeeping & Accounting

03/10/2022

There's Still Time To Make an IRA Contribution for 2021
If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2021, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 18, 2022, due date (April 19 if you live in Maine or Massachusetts), not including extensions.

Be sure to tell the IRA trustee that the contribution is for 2021. Otherwise, the trustee may report the contribution as being for 2022 when they get your funds.

Generally, you can contribute up to $6,000 of your earnings for tax year 2021 (up to $7,000 if you are age 50 or older). You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.

Traditional IRA. You may be able to take a tax deduction for the contributions to a traditional IRA, depending on your income and whether you or your spouse, if filing jointly, are covered by an employer's pension plan.
Roth IRA. You cannot deduct Roth IRA contributions, but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution.

01/20/2021

Standard Mileage Rates
In 2021, the rate for business miles driven is 56 cents per mile, down one half of a cent from the rate for 2020.

12/10/2020

Retirement Contributions Limits for 2021

401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan remains unchanged at $19,500. The catch-up contribution limit for employees aged 50 and over remains unchanged at $6,500.

11/20/2020

Lady Hawkins can help with year end collections, this will help get your new year off to a good start.

11/20/2020

11/10/2020