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Some Retirement Plan Benefits Will Increase for 2025

With the 2025 tax year almost here, there’s news from the IRS about retirement savings. According to a recent announcement from the tax agency (Notice 2024-80), there will be increases to some retirement plan contributions…
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How the U.S. Election Changes the Outlook for 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…
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Company Holiday Parties: Celebrate the Tax Breaks

Are the costs of holiday parties tax deductible? Despite a recent crackdown on business entertainment expense deductions, your company’s holiday bash may still qualify for write-offs for the 2024 tax year. You might even be allowed…
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Beneficial Ownership Information (BOI)

On January 1, 2024, the Corporate Transparency Act (CTA) went into effect requiring millions of entities operating in the United States to report their Beneficial Ownership Information (BOI). The Corporate Transparency Act requires reporting organizations…
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Bunching Charitable Donations to Maximize Your Tax Benefits

The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction. When making year-end charitable contributions, consider…
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Seniors: You Might Not Want to Sell that Highly Appreciated Home

In recent years, the residential real estate markets in many areas have surged. That means there are more seniors with highly appreciated homes than ever before. If you’re facing this situation, you might be rightfully concerned…
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IRS issues final regulations on inherited IRAs

The IRS has published new regulations relevant to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. The final regs, which take effect in 2025,…
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Important Things to Know about 529 College Savings Account Withdrawals

Have you set up Section 529 college savings plans for your children or grandchildren? The major advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free. But there can be limitations on withdrawal rights and…
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Legitimate Ways to Avoid a 10% Penalty Tax on Early IRA Withdrawals

In a pinch, you may need to take some money out of your traditional IRA (or IRAs) before you reach age 59½. The IRS refers to these distributions as “early withdrawals.” While most traditional IRA withdrawals…
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Deducting Start-Up Costs for Federal Tax Purposes

There’s been a significant increase in new business applications in recent years. Finance company NerdWallet estimates that 2.8 million new business ventures have started since 2021. Will Your Start-up Succeed? Start-ups can be risky business. Roughly…
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