News

A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you can help save for a golden future and reap tax advantages.

The tax-advantaged retirement plan contribution amounts will increase less next year than in previous years due to easing inflation. However, many will still go up slightly. Find out how much you can contribute to 401(k)s, SEP plans, IRAs and more.

In 2024, if you pay a household worker cash wages of $2,700 or more, you must withhold and pay Social Security and Medicare taxes. What will this threshold be in 2025?

You want to unlock the best possible tax results when exercising employer-issued nonqualified stock options.

Are you thinking about buying a new exterior door or rooftop solar panels? How about an electric vehicle? You may want to act soon because President-Elect Donald Trump has pledged to terminate a law providing valuable tax credits for these and other energy-saving purchases.

When can individual taxpayers deduct vehicle-related expenses? And how much can they deduct? Here are the amounts for 2024.

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications.

Changes are coming to the Social Security system in 2025 in the form of a higher wage base. Next year’s threshold amount was recently announced by the Social Security Administration. Here’s the amount, along with what it means for your business.

What triggers an IRS audit and how can you prepare if your business is selected?

Transforming your hobby into a business can impact your taxes, especially if the activity loses money for some time. Here’s how you may be able to rightfully deduct losses.

It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues.

College costs have gone up sharply in the past few decades, so starting to save early is a smart move. One option is to invest in a tax-advantaged 529 plan.

Taking proactive steps now could help reduce your tax liability for 2024 and 2025. Here are some considerations.

Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.

When you buy a house, can you deduct seller-paid points on your tax return? Here are the rules.

Form 1095-C is filed with the IRS and given to full-time employees of “applicable large employers.” Which employers fall under this category, and what are their obligations?

Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details.

If your business is creating a partnership agreement or LLC operating agreement, it should include tax-related specifications. Here are some key points.

You may be able to collect federal-income-tax-free income and gains in several different ways. Here are six of them.

A limited liability company can provide personal liability protection from creditors while delivering tax benefits. Is it right for you?

We’ll be saying goodbye to 2024 in no time. Here are some year-end moves to consider that may help your small business save on taxes.

Interested in buying a plug-in electric vehicle? You may be eligible for a valuable federal tax credit. Here are the rules.

Higher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax.

If your business is creating a partnership agreement or LLC operating agreement, it should include tax-related specifications. Here are some key points.

Choosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods.