Tax 101: Credits and Deductions

If you’re not a tax professional, some of the lingo used when talking about taxes might be a little confusing. Today we want to look at two terms that are often confused and which together play an important role in determining how much you are required to pay in taxes: Read more…

Standard Mileage Rates for 2024

The Internal Revenue Service has issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) Read more…

401k and IRA Limits for 2024

The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500. Additionally, the limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit Read more…

IRS Announces ERC Withdrawal Process

If you own a business, you have probably been targeted by a scam trying to get you to claim the Employee Retention Credit (ERC). These scams have run rampant over the last year and have solicited business owners via email, telephone, and postal mail. Unfortunately some business owners have been Read more…

IRAs and Retirement Planning

It’s never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. A traditional IRA Read more…