Lisa and the Law

Did you owe taxes this year? – Investing in retirement plans could limit your tax liability for next year

Posted on April 21, 2026

The IRS has increased the amount that individuals may contribute to a 401(k) to $24,500 for 2026 and $7,500 to IRAs. If your business does not have a retirement plan for you (the business owner) or its employees, it may be easier than you think to set one up and lower your tax liability. I was amazed at how easy it was to set up and maintain a SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) plan. Contact your qualified financial adviser to learn about various small business retirement plans or, at minimum, how to prepare for your own retirement.

The information provided in this website is meant only as a general description of the current laws as of the date of the writing. It is not meant to be an exhaustive discussion of all the nuances of the law and is intended to be only an overview. Many issues may appear simpler than they are, and an individual should always contact an attorney to obtain a complete, accurate interpretation of the law given the individual's particular circumstances. Thompson Law Group, P.C. makes no representations as to how the law would affect a particular situation and intends only to illustrate areas of concern and give general information.

Published: April 21, 2026 , Last Updated: March 3, 2026