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 burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding your child’s […]
Read More Saving for college: Tax breaks and strategies your family should knowTaxpayers preparing to file their 2024 tax returns may wonder if they qualify for a home office tax deduction. Keep in mind that it comes with specific requirements. Employees working remotely at an employer’s request don’t qualify. Self-employed individuals whose homes serve as their principal place of business may be eligible. However, the portion of […]
Read More Can I deduct a home office?When gathering your tax records, it’s easy to overlook smaller amounts of income. However, taxpayers who are employees must generally include all income, not just the amount they find on an employer-generated W-2 form. For example, did you make goods and sell them on an online marketplace or at a craft fair? Did you sell […]
Read More What Income do I report on my tax return?Financial statements provide insights into a company’s historical performance. But the parties to a merger or acquisition are also interested in assessing the acquisition target’s potential to generate cash flow in the future. That’s where an independent quality of earnings (QOE) report comes into play. Looking to the future QOE reports look beyond the quantitative […]
Read More Beyond the financials: What’s a quality of earnings report?Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up to $5,000 to help pay adoption costs. Victims of federally declared disasters can withdraw up to $22,000, and victims of domestic […]
Read More Penalty-free Early withdrawal? Yes, pleasePresident Trump is expected to try to overturn many of former President Biden’s policies, including tax regulations. Although the U.S. Treasury Department finalized and corrected several Inflation Reduction Act clean energy regulations before Biden left office, the regulations may be relatively easy to reverse. The Congressional Review Act allows Congress to reverse regulations if both […]
Read More Congressional Review Act can help overturn regulationsTest your Tax Knowledge – How much can you deduct for donating a vehicle to charity?
Read More How much can you deduct for donating a vehicle to charity?In a recent post on its website, the Financial Crimes Enforcement Network (FinCEN) said it’s keeping beneficial ownership information (BOI) reporting voluntary. This comes despite the fact that a Jan. 23, 2025, U.S. Supreme Court ruling halted a Dec. 3, 2024, federal district court’s order barring enforcement of the Corporate Transparency Act’s BOI reporting requirements. […]
Read More BOI reporting remains paused while litigation plays outPresident Trump recently renewed his call for tax-free tips. He first mentioned eliminating taxes on tips during the 2024 campaign. The proposal was included in the 2024 Republican platform on a more limited basis, calling for tax-free tips “for millions of restaurant and hospitality workers.” But the president’s most recent call appeared to be considerably […]
Read More Trump renews call for tax-free tipsSaving 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 possible to the plan in 2025 is a smart way to build a considerable nest egg. If you’re not already […]
Read More Maximize your 401(k) in 2025: Smart strategies for a secure retirement
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