The Internal Revenue Service recently announced updates to several amounts that are updated annually for inflation. The tax year 2025 adjustments described below generally apply to income tax returns to be filed starting tax season 2026. The tax items for Read more…
The Internal Revenue Service recently announced that the annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $23,500 in 2025, up from $23,000 in 2024. The Read more…
The IRS has opened a second round of the Employee Retention Credit Voluntary Disclosure Program (or “ERC VDP”) for businesses who may have improperly claimed the ERC in the past. The ERC VDP is open now and runs through Nov. Read more…
Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts. Sometimes, the money raised through crowdfunding is solicited Read more…
If you’d like to avoid surprises next year at tax time, consider doing an end-of-summer tax update and make any tax withholding or payment updates that are necessary. While most people get a refund after filing their taxes, many also Read more…
With the new school year upon us, teachers should remember that they may be eligible to deduct up to $300 for classroom expenses in 2024. This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, Read more…
Many parts of the country are approaching peak air conditioning season, which often means higher utilities. If your utility bill has recently caught your attention, you may be considering home improvements to lower those bills. Luckily there are tax credits Read more…
Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. Your marital status as of December 31 determines your tax filing options for the entire year, but that’s not all newlyweds Read more…
It seems like “side hustles” are all the rage these days. But come tax day, the tax treatment of these endeavors can be a big question mark — especially since these often aren’t the primary source of income for those Read more…
With summer on our doorstep, the thoughts of many people go to home improvements that should be done now that the weather is improving. If this sounds like you, you should be aware that certain energy efficient updates to your Read more…