Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
Explore two popular retirement plans, SEP IRA and Solo 401(k), for the self-employed in this overview, focusing on their benefits, drawbacks, and the strategic considerations for choosing between them. Learn about higher contribution limits, flexibility, and tax advantages these plans offer. Get insight into which plan best fits your retirement goals and business structure.
Understanding the financial differences between leasing and purchasing a vehicle can save you a significant amount of money. This article provides a detailed breakdown to help you make an informed decision.
The IRS has released new regulations expanding mandatory electronic filing requirements, affecting businesses and individuals filing 10 or more returns annually and streamlining the tax filing process. The Information Returns Intake System (IRIS) aids in this transition, offering error detection and an easy platform for uploading and editing forms. Failure to comply with these electronic requirements could result in penalties, underscoring the need to familiarize with the new regulations.
Uncover potential circumstances under which you can tap into your retirement savings early without facing hefty penalties. From qualifying plan specifics to the latest updates in IRA rules, this article is your go-to resource for penalty-free withdrawal strategies.
The IRS has announced the 2024 Standard Mileage Rates. Understand how these rates will affect your deductions for business, medical, moving, or charitable driving expenses. Explore this article to stay informed and plan ahead for your 2024 tax returns.
“Explore how the Corporate Transparency Act reshapes the landscape of beneficial ownership reporting. Uncover the implications and obligations your firm may face with this new regulation. Don’t miss out on this comprehensive guide to staying compliant and ahead of the curve.”
Discover the benefits of private foundations for managing charitable giving and how they differ from donor-advised funds. Gain greater control and flexibility over your philanthropic efforts while creating a lasting legacy of giving for future generations.
Discover how the IRS is providing much-needed relief for Required Minimum Distributions (RMDs) in light of the SECURE 2.0 Act. Learn about the new transition rules that could potentially benefit retirees and their tax planning strategies.
In this episode of the PFP Section podcast, David Kushner, CPA, interviews expert Lee Slavutin, MD, CLU to uncover the three situations in which life insurance premiums are tax deductible and pose little risk of being challenged, helping professionals navigate potential tax traps.
The SALT deduction has been a longstanding benefit for taxpayers who pay state and local taxes. However, recent limitations to the SALT deduction have left taxpayers in high-tax states looking for alternatives. One such option is the PTE tax election, which allows pass-through entities to pay and deduct state and local taxes on behalf of their owners.
Discover the key considerations when deciding whether to file taxes jointly or separately as a married couple, including the impact of state laws, deductions, and retirement account savings. Make an informed decision to minimize your tax liability and maximize your financial benefits.