With the holiday season about to kick off, many are turning their thoughts to making charitable donations. Suppose you own or are a beneficiary of an IRA and you’re at least 70½ years old....

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The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024...

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Taxpayers born before 1951 need to take required minimum distributions (RMDs) by Dec. 31, to avoid penalties. RMDs are the mandatory withdrawals from many retirement plans and IRAs, including SIMPLE IRAs and SEPs. Roth...

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As we get closer to the end of the year, employees only have a few paychecks left for 2024. If you’re an employee who received a surprise tax bill – possibly with penalties –...

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As your business gets ready for the holiday giving season, keep the following tax limits in mind. Your company can only deduct up to $25 per person per year for gifts to recipients such...

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President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified GOP Congress is poised...

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What’s the difference between an amended tax return and a superseding return? Amended returns can be filed to correct or change information on a timely filed return, after the original or extended due date...

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November’s here. With the holiday season and year end coming soon, many employers are planning to pay employee bonuses. If you are, the timing of bonus payments may help reduce your business tax. For...

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If you own a business or real estate in an entity format such as a corporation, partnership, limited liability company, or other entity format , you may be required to file a report under...

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Recently, the IRS issued guidelines for 2024 substitute tax forms. If you’ve never heard of substitute tax forms, you’re not alone. As IRS Publication 1167 (https://bit.ly/3YUOw5P  ) explains, taxpayers may create and file their...

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