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There are a myraid of strategies to consider when the goal is maximizing your Roth IRA contributions. First off, when planning for retirement, one of the most critical decisions involves choosing the right type of retirement account. Among the various options available, Roth accounts and traditional IRA accounts stand out as popular choices. Each has …
Several significant tax changes in 2025 could impact individuals, businesses, and tax professionals alike. From the expiration of key provisions in the Tax Cuts and Jobs Act (TCJA) to inflation adjustments and potential legislative developments, staying informed is crucial for proactive planning. Here’s an overview of what’s coming and how to prepare. Expiration of Key …
The Internal Revenue Service recently announced the inflation adjusted 2025 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2025, the standard mileage rates for the use of a vehicle are: How are 2025 standard mileage rates calculated? The business …
This day and age a tax appointment can be in person, by video conferencing, by mail, phone or a combination of the four. Preparing for a tax appointment can be a daunting task, but with the right approach and organization, it can be a smooth and efficient process. This article will guide you through the …
Oh the joy of an oscillating BOI ruling that just may flip again! Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership Information (BOI) saga just took another wild turn. An appeals court recently reinstated an injunction that halts BOI enforcement (yes, again). If your head is spinning trying …
Individuals and small businesses should start the year off on the right foot by considering these easy ways to minimize taxes in 2025. Essential Ways to Minimize Taxes in 2025 Make W-4 Updates If you are employed, your employers uses the information on your IRS Form W-4 compared against the IRS’s withholding tables. This allows …
If you have children, there are special tax situations and benefits that can help, including tax credits for parents! These tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here are some key things new parents need to know. To begin with, for parents to take advantage of …
As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it’s about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning Early Initiating the succession planning process …
The Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is a critical document in estate planning and tax management. One of its significant features is the portability election. This election allows a surviving spouse to utilize their deceased spouse’s unused estate tax exclusion amount. This article delves into the …
