The IRS finally announced new limits on everything from income ranges of tax brackets to retirement plan contributions for tax year 2020. Some 60 provisions are affected, including the limits for employer based retirement plans.
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It’s that time of year, when you are confronted by open enrollment nudges from your employer and in some cases, from the government. The choices can be dizzying, so to help you make more informed decisions, let’s break it out into broad categories.
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Late last week, we learned that the U.S. budget deficit widened to $984.4 billion in the fiscal year ending September 30, its highest level in seven years. The Trump administration and the Congressional Budget Office expect the deficit to rise over $1 trillion in the 2020 budget year, which began October 1 and the CBO estimates that the deficit will stay above $1 trillion over the next decade.
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