General

The Lowdown on 401(k) Plan Catch-Up Contributions

How big is your retirement nest egg? Too often, people sacrifice retirement savings to afford a bigger home, cover emergency expenses or pay for their children’s education. But time flies, leaving many retirees “financially fragile.”…
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General

Help Wanted: Hiring Family Members for Tax-Saving Results

If you own a small business and have children in high school, technical school or college, you might consider asking them to work for you part-time or full-time over the summer. Or you might want…
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Emerging Articles

How to Trim Your 2024 Taxes by Contributing to a Retirement Plan in 2025

Many types of retirement plans allow contributions to be made after year-end. And last-minute retirement contributions can be a powerful strategy: You can lower your 2024 taxes while simultaneously growing your retirement savings. But what…
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Emerging Articles

Small Businesses: 5 Last-Minute Tax Breaks to Consider for 2024

The deadlines for filing 2024 tax returns (or extensions) are fast approaching. Has your small business taken advantage of all the legitimate ways to lower its federal income tax bill for 2024? Fortunately, it may…
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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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Accounting News

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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