If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The taxRead More »Do you have an excess business loss?
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stayRead More »Financial relief for families:The benefits of the Child Tax Credit
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if yourRead More »Questions about taxes and tips? Here are some answers for employers
Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully canRead More »Taming the tax tangle if you’re retiring soon
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the lastRead More »Many business tax limits have increased in 2025
Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by AprilRead More »Looking ahead to 2025 tax limits as you prepare to file your 2024 return
With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025,Read More »Businesses: The Form W-2 and 1099-NEC deadline is coming up fast
The IRS announced it will start the 2025 filing season for individual income tax returns on January 27. That’s when the agency began accepting and processing 2024 tax year returns. Even if you typically don’tRead More »Early bird tips: Answering your tax season questions
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has alsoRead More »The standard business mileage rate increased in 2025
Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in theseRead More »Do you have questions about taking IRA withdrawals? We’ve got answers
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. IfRead More »Small business strategy: A heavy vehicle plus a home office equals tax savings
As higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financialRead More »Saving for college: Tax breaks and strategies your family should know