MEET ROBERT P . RUSSO , CPA PC
Therefore , participants in SIMPLE plans who are 50 or older can contribute $ 20,000 in 2025 . Those who are age 60 , 61 , 62 or 63 can contribute up to $ 21,750 .
Other Plan Limits
The IRS also announced that in 2025 :
• The limitation on the annual benefit under a defined benefit plan will increase from $ 275,000 to $ 280,000 .
• The dollar limitation concerning the definition of “ key employee ” in a topheavy plan will increase from $ 220,000 to $ 230,000 .
• The limitation used in the definition of “ highly compensated
employee ” will increase from $ 155,000 to $ 160,000 .
IRA Contributions
The 2025 limit on annual contributions to an individual IRA will remain $ 7,000 ( the same as 2024 ). The IRA catchup contribution limit for individuals age 50 or older isn ’ t subject to an annual costofliving adjustment and will remain $ 1,000 .
Plan Ahead
As the founder and principal of Russo CPA , P . C , Bob pleasantly surprises clients ( plus the IRS and lawyers ) with his proactive , caring , and interested approach . Bob ’ s authentic passion for both numbers and people is why his accounting firm is sought after by everyone from solopreneurs to CFOs . And it ’ s what energizes his fastgrowing team of top CPAs who follow his lead by providing impeccable service to clients – without the CPA geek speak .
The only thing geeky about Bob is his favorite reading material : the latest tax regulations , codes , and rulings ( so he can secure every possible tax advantage for his clients ). You might mistake Bob for the charismatic entrepreneur and CFO behind an internet travel startup or a visionary real estate developer . That ’ s because he held those roles during his 30year career as an accountant , which began at a highprofile accounting firm . While CPAs aren ’ t required to have “ field ” experience , the best ones do . But Bob doesn ’ t define success by his own achievements , it ’ s what he achieves for his clients . Because of his entrepreneurial past , Bob relates so well to his clients . In addition to serious tax savings most firms would miss , he empowers his clients with realworld accounting and financial insights to increase business .
Bob is even resultsdriven outside of work , whether it ’ s finishing the 2012 NYC Iron Man or volunteering for 12 years as President of a kids ’ soccer league . While his bottomline results are always impressive , what matters to Bob are the people who benefit from them .
When he ’ s not immersed in accounting , Bob is with his family , cooking up elaborate 18course meals or globetrotting . your comments .
The contribution amounts will make it easier for you and your employees to save a significant amount in your retirement plans in 2025 . Contact us if you have questions about your taxadvantaged retirement plan or want to explore other retirement plan options .
Robert P Russo CPA PC Certified Public Accountants O : 2122799800 C : 9172079278 F : 8663962310 www . robertprussocpa . com
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