Belk On Business

1. IRA contribution limits $6k/&7k if over 55 – have until April 15, 2020 (no extension) 2. 401(k) limits $19k/$25k 3. HSA contribution limits $3,500 individual/$7k family – have until April 15, 2020 (no extension) 4. SEP contribution – up to 25% of salary or $56,000, whichever is less for employees. If self-employed business owner, up to 20% or $56,000. 5. Medical expense deduction if you itemize increased to 10% of AGI 6. Individual mandate penalty removed (some states still have penalties – NJ, Massachusetts & DC) 7. Alimony deduction has been eliminated 8. Get with accountant/preparer to make estimated tax payments 9. Last year for 15% increase in basis for investment in qualified opportunity zone property 10. Home office – simplified method or use an accountable plan to be reimbursed if not a sole proprietor (single-member LLC). It can allow for more business miles if you work from home. 11. Break apart travel meals, promotional meals, meals provided on-premises for the convenience of the