Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common […]
Read More Do you have questions about taking IRA withdrawals? We’ve got answersMost married couples file joint income tax returns. But in some cases, it may be beneficial to file separate returns. If, for example, one spouse has substantial unreimbursed medical expenses and relatively low income, filing separately could allow the spouse to claim the medical expense deduction. Or if a spouse has qualified business income (QBI) […]
Read More Should I file a joint return with my spouse?At $36 trillion and growing, the U.S. federal debt could prevent the extension of all Tax Cuts and Jobs Act provisions. They’re currently due to expire at the end of 2025. The plan that extends tax breaks and funds President Trump’s other priorities is estimated by the nonpartisan Committee for a Responsible Federal Budget to […]
Read More Federal Debt is growing. How does this impact extension of Trump Tax Cuts?New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in […]
Read More Small business strategy: A heavy vehicle plus a home office equals tax savingsThe Earned Income Tax Credit (EITC) was signed into law in 1975, and the IRS is celebrating its 50th anniversary. According to the tax agency, “through numerous legislative changes, the tax break has helped encourage work and lift many financially challenged families out of poverty.” The IRS reports that as of Dec. 2024, approximately 23 […]
Read More Earned Income Tax Credit hits 50th AnniversaryPresident Trump has said he plans to impose tariffs of “25%, 50% or even 100%” on foreign-produced computer chips and semiconductors. His goal is to coerce chip manufacturers to relocate to the United States. A bipartisan group of lawmakers is considering a different strategy. They’re calling for expanded tax incentives for domestic investments by reintroducing […]
Read More Tariffs versus tax incentivies under discussion for semiconductor manufacturersRunning a small business often requires periodic cash infusions, and knowing how to secure the right funding can determine whether your business succeeds or struggles. Let’s explore the three primary types of funding available to small businesses: debt, equity and hybrid financing. Debt: Borrowing to grow Debt financing involves borrowing money and repaying it with […]
Read More Funding your business: What small business owners need to know about financingMany Americans turn their attention to taxes over the President’s Day holiday (Monday, Feb. 17). According to the IRS, the federal holiday coincides with the peak time for IRS phone traffic. To avoid long hold times, the tax agency encourages taxpayers and tax professionals to use its online tools at irs.gov. The site includes information […]
Read More IRS recommends it’s online tools to check statusWhy you might want to work past retirement age
Read More Why you might want to work past retirement ageThe IRS is again warning of a scam circulating that involves false W-2 forms. Scammers use tax software to create fake W-2s, listing fabricated employers, inflated earnings and excessive withholdings. They then use this information to e-file for fraudulent refunds. In a recent IRS Criminal Investigation case, a tech company owner admitted to issuing himself […]
Read More Scam Alert! Watch for false W-2 forms
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