Page 6 - The Shores of Jupiter - July '22

Page 6, The Shores
Financial Focus

New Limits Expand 401(k), So, what’s different about these plans in 2022? First, or less ($109,000 for married filing jointly), with
deductibility decreasing at higher income levels and
consider the traditional IRA. If you – and your spouse, if
IRA Opportunities you’re married – don’t have a 401(k) or similar plan, you phasing out entirely at $78,000 ($129,000 for married
can always deduct the full amount of your contribution filing jointly). But here’s the key point: Compared to
By Sally Sima Stahl on your tax return, no matter what you earn. But if one 2021, these ranges are $2,000 higher for single filers
You could spend two, or both of you are covered by an employer-sponsored and $4,000 higher for those who are married and filing
or even three, decades in plan, then your deductions could be reduced or eliminated jointly – which means that this year, you might have more
retirement. So, to pay for all based on your income. opportunities to make deductible contributions.
those years, you’ll probably Single taxpayers can claim the full deduction if your
need to take full advantage modified adjusted gross income (MAGI) is $68,000 Financial Focus on page 7
of your retirement accounts.
And in 2022, you may have
expanded opportunities Tax Talk from page 4 addition, you may need additional zoning approvals
to deduct retirement plan depending on the municipality to which your business
contributions on your tax Vietnam War Veterans to request a commemorative has moved. For a new application for local business tax
return. lapel pin in recognition of their service to our country. receipt, visit https://www.pbctax.com/local-business-tax/.
Before looking at what’s changed this year, let’s review We were honored to recognize more than 250 Vietnam Renewal Payment Options
the key benefits of these accounts: Veterans with lapel pins. • Online: Visit
• Traditional IRA – You typically contribute pretax The trifecta was achieved when we received an https://pbctax.manatron.com/Tabs/BusinessTax.aspx
(deductible) dollars to a traditional IRA, and your award of the redesign of our 2019/20 Annual Report. to renew your BTR online.
earnings can grow tax-deferred. This award recognized the many design and readability • Drop Box: (No appointment necessary!) Visit
• Roth IRA – You invest after-tax dollars in a Roth IRA, improvements made to this popular publication. www.pbctax.com/locations to find the location nearest
so your contributions won’t lower your taxable income, I am so proud that our agency has been recognized you.
but your earnings can grow tax free, provided you’ve had for our innovative and creative work designed to • Mail: Palm Beach County Tax Collector
your account at least five years and you’re 59½ or older inform and educate the public. Attn: Business Tax Department
when you begin taking withdrawals. P.O. Box 3353
• 401(k) – A 401(k) or similar plan (such as a 457(b) PBC Business Owners, We West Palm Beach, FL 33402-3353
for state and local government employees or a 403(b) • In-Person: Visit www.pbctax.com/appointments.
for employees of public schools or nonprofit groups) is Have Information For You
generally funded with pretax dollars and provides tax- Important Dates And
deferred earnings. Some employers offer a Roth 401(k), Calling all Palm Beach County business owners, in
in which employees contribute after tax-dollars and can July you will be receiving your local business tax receipt Deadlines
take tax-free withdrawals if they meet the same age and (LBTR) renewal notice in the mail. The payment is due
length-of-ownership requirements as the Roth IRA. between July 1 and September 30. Payments made after July 27 to 28
September 30 are considered delinquent. Delinquent Lobster Mini Season
payments are charged a penalty fee for every month past
due. For more information on penalty fees visit https://
www.pbctax.com/local-business-tax/#Delinquent-Local-
Business-Tax.
Did Your Business Move Within The Previous Year?
If your business moved locations, you will need to
submit a new local business tax receipt application. In

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