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Old 12-15-2010, 01:03 AM
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Taxpayers increasing retirement contributions on their final paychecks could potentially yield more tax benefits!

The old adage still applies in 2010, for example, increasing 401(k) contributions during an employees your last pay periods will reduce your taxable income and could potentially qualify that employee for other tax breaks that are related to income limits (adjusted gross income limitations).

For the tax year 2010, taxpayer (employees) can contribute up to $16,500 to employer-based retirement plans, and those that are 50 and older can contribute up to $22,000.

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