The 2024 Gift Tax Return Deadline is Coming Up Soon
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 [...]
How to Trim Your 2024 Taxes by Contributing to a Retirement Plan in 2025
Many types of retirement plans allow contributions to be made after year end. And last-minute retirement contributions can be a powerful strategy: You can lower your 2024 taxes while [...]
Can I Itemize Deductions On My Tax Return?
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]
A Deduction for Energy-Efficient Buildings Has Been Enhanced
The Inflation Reduction Act (IRA), which was enacted in 2022, significantly enhanced the Section 179D deduction for energy-efficient commercial building improvements. The enhancements are for improvements placed in service [...]
Financial Relief for Families: The Benefits of the Child Tax Credit
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 [...]
Reporting Digital Assets on Your 2024 Tax Return
A current IRS hot button is federal income tax reporting of digital-asset transactions. The government is concerned that some taxpayers fail to report the results of digital-asset transactions on their federal [...]
Do You Know the Tax Consequences of Gambling
Gambling can be a fun pastime or a serious professional endeavor. Either way, winnings are taxable income. Yet, as recently reported by the Treasury Inspector General for Tax Administration (TIGTA), [...]
Looking Ahead to 2025 Tax Limits as You Prepare to File Your 2024 Return
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 [...]
Ready, Set, Fire: 8 Tax Deductions You Might Not Know About
Years ago, many taxpayers itemized deductions instead of claiming the standard deduction. But fewer taxpayers are itemizing today due to a bevy of changes in the Tax Cuts and Jobs [...]
Maximize Your 401(k) in 2025: Smart Strategies for a Secure Retirement
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 [...]
Operating as a C corporation: Weigh the Benefits and Drawbacks
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 [...]
When Can You Deduct Business Meals and Entertainment?
You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at [...]
Unlocking the Mystery of Taxes on Employer-Issued Nonqualified Stock Options
Employee stock options remain a potentially valuable asset for employees who receive them. For example, many Silicon Valley millionaires got rich (or semi-rich) from exercising stock options when they [...]
The Social Security “Earnings Test” Will Increase in 2025
Many retirees collecting Social Security benefits go back to work part time. If they haven't reached full retirement age and they earn over a certain amount, they'll have a [...]
Your Guide to Medicare Premiums and Taxes
Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how [...]