Category Archives: Uncategorized

The qualified business income (QBI) deduction allows owners of pass-through entities, including sole proprietors, to deduct up to 20% of their QBI. The deduction is set to expire in 2026, at which point income would be taxed at owners’ individual income tax rates. (However, with Republicans in control of the White House, the Senate andContinue reading “Businesses can still cut their 2024 taxes”

As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. Indeed, many of the Tax Cuts and Jobs Act provisions are set to expire at the end of 2025, absent congressional action.Continue reading “It’s not too late to trim your 2024 taxes”

The outcome of the November 5 election is likely to significantly impact taxes. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act (TCJA), are scheduled to expire at the end of 2025. Now, there’s a better chance that most provisions will beContinue reading “How the U.S. election changes the outlook for taxes”

The IRS has issued its 2025 inflation-adjusted contribution amounts for retirement plans in Notice 2024-80. Many retirement-plan-related limits will increase for 2025 — but less than in prior years. Thus, depending on the type of plan you have, you may have limited opportunities to increase your retirement savings. Type of limitation 2024 limit 2025 limit ElectiveContinue reading “How much can you contribute to your retirement plan in 2025? The IRS just revealed the answer”

Hurricanes Helene & Milton have affected millions of people in multiple states across the southeastern portion of the country. They’re just a couple of many weather-related disasters this year. Indeed, natural disasters have led to significant losses for many taxpayers, from hurricanes, tornadoes and other severe storms to the wildfires again raging in the West.Continue reading “Ease the financial pain of natural disasters with tax relief”

Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates’ platforms, including their tax proposals. The details can be hard to come by — and additional proposals continue to emerge from the candidates. Here’s a breakdown of some of the most notableContinue reading “Taxes take center stage in the 2024 presidential campaign”

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standardContinue reading “Make year-end tax planning moves before it’s too late!”

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications: Roth IRAs offer tax-free income accumulation and withdrawals. Unlike withdrawals from traditional IRAs, qualified Roth IRA withdrawals are free from federal income tax.Continue reading “6 tax-free income opportunities”

For most employers today, the question isn’t whether to sponsor fringe benefits for employees but which ones. Beyond the basics, such as health insurance and retirement plans, there are many options to consider. One that’s been drawing interest from some organizations lately is housing assistance. Various arrangements Employer-sponsored housing assistance can be offered in variousContinue reading “Housing assistance as a fringe benefit draws some employers’ interest”