Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has [...]
Year end is here, but there's still time for individual taxpayers to make moves to lower their 2025 tax bills. The One Big Beautiful Bill Act (OBBBA), which became [...]
The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% [...]
The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, [...]
There's good news for businesses considering buying equipment and other capital assets: The One Big Beautiful Bill Act (OBBBA) dramatically improves first-year depreciation tax breaks. Here's what you need [...]
The Health Savings Account (HSA) was designed to help taxpayers with high-deductible health insurance save for medical expenses, but it can also be a powerful retirement planning tool. With [...]
If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in [...]
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 [...]
If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD [...]
Married people save money by sharing household expenses. But when divorce strikes, the couple's bills may suddenly double. You need to pay two electric bills, two mortgages and (hopefully) two [...]
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in [...]
Remote work has become more common in recent years, and the COVID-19 pandemic has resulted in employers realizing that many jobs can be done from home. Some remote workers even work [...]