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’t… Read 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 also… Read 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 these… Read 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. If… Read 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 financial… Read More »Saving for college: Tax breaks and strategies your family should know
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or… Read More »How Section 1231 gains and losses affect business asset sales
Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or Roth 401(k), contributing as much as… Read More »Maximize your 401(k) in 2025: Smart strategies for a secure retirement
According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With today’s hiring challenges, business owners should be… Read More »Understanding the Work Opportunity Tax Credit
When considering the advantages of U.S. Treasury savings bonds, you may appreciate their relative safety, simplicity and government backing. However, like all interest-bearing investments, savings bonds come with tax implications that are important to understand.… Read More »Savings bonds and taxes: What you need to know
When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a… Read More »Operating as a C corporation: Weigh the benefits and drawbacks