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With the election behind us and the holiday season in full swing, you may not be thinking about taxes. But you still have time to take proactive steps to reduce your federal income tax liability for 2024. Here are five last-minute tax planning strategies to consider before year end. Read more
Traditional IRAs are a well-known, tax-deferred retirement saving vehicle. But they come with a major downside: You're taxed on withdrawals. Roth IRAs eliminate this downside. You can take federal-income-tax-free qualified withdrawals, but the trade-off is that contributions to Roth accounts don't…
These days, many people turn to social media for news, restaurant and product reviews, and other information. However, tax advice is one thing you generally shouldn't get through sites such as Facebook, TikTok, Instagram and X (formerly known as Twitter).
When businesses acquire real estate, they often title it under the company name. Although this might seem straightforward and logical, it's not always the best choice — particularly for properties expected to appreciate significantly in value. Keep reading to learn why separating real estate assets…
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 next year due to inflation adjustments. However, with inflation coming down,…
Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like pandemics can knock companies that have been financially healthy for years for a temporary loop.
Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets. However, the Sec. 179 rules change…