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Speaking of tax season, there are a couple changes in the 2007 year that we need to be concerned here about 401k and retirement accounts.

Uncle Sam has really been good to us because he has increase two important limits that will help everyone potentially increase their retirement savings accounts by:
1) Higher contribution limit for 401k
2) Higher income limits for Roth IRAs

401k limit: As you know, the original contribution for most of us was $15,000 and it has been increased to $15,500! For people that have been contributing to the maximum, be sure to add that extra $500 into your retirement account! For people over 50, the original amount was increased from $20,000 to $20,500 so same thing applies no matter what age level you are at. For those that are over 50 and do not know that you can contribute more than normal, well??now you do!

Roth IRA Income Limit: It has always been that Roth IRA was limited to people that had income of $110,000 ($160,000 for married couples filed jointly). However, single tax filers??income limit has been increased to $114,000 and $166,000. For people that just happen to be on the border line of this, remember to contribute!