How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year?
A number of tax-related limits that impact businesses are indexed annually for inflation. Some have increased for 2021, others do not change, and the business-meal deduction doubles this year due to a new law that took effect at the end of 2020. Here’s an overview of amounts that may impact you and your business.
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As always, these are just some of the tax limits that may affect your business; additional rules may apply. If you have questions, please contact us.
