Dec 17, 2024 | Tax Talk Tuesdays
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has initiated efforts to create an online tool, the Retirement Savings Lost and Found database, to help workers locate lost retirement savings. This initiative, directed by the SECURE 2.0...
Dec 9, 2024 | Tax Talk Tuesdays
There’s still time to leverage significant tax breaks for purchasing equipment before December 31. Here’s what you need to know about the Section 179 tax deduction and bonus depreciation for 2024: Section 179: Full Deduction Available 100% Deduction: Section 179...
Dec 3, 2024 | Tax Talk Tuesdays
Flexible spending accounts (FSAs), also known as Section 125 plans, offer employers and employees a valuable way to save on taxes. The most commonly used FSAs are the medical expense FSA and the dependent care FSA. These plans allow employees to set aside a portion of...
Nov 26, 2024 | Tax Talk Tuesdays
As the end of the year approaches, it’s time to focus on one of the most critical financial tasks: year-end tax planning. For both individuals and business owners, taking proactive steps before December 31 can lead to significant tax savings and a smoother filing...
Nov 26, 2024 | Tax Talk Tuesdays
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire...
Nov 26, 2024 | Tax Talk Tuesdays
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire...
Nov 18, 2024 | Tax Talk Tuesdays
Qualified Opportunity Zones (QOZs) offer tax incentives to spur investment in economically distressed areas. Established by the Tax Cuts and Jobs Act (TCJA), this program encourages taxpayers to invest capital gains in these zones through Qualified Opportunity Funds...
Nov 11, 2024 | Tax Talk Tuesdays
Offering a company-sponsored retirement plan is one of the most effective ways to attract and retain top talent. Qualified plans, like pensions and profit-sharing options, defer employee taxes until they receive distributions, either at retirement or upon leaving the...
Nov 4, 2024 | Tax Talk Tuesdays
Required minimum distributions (RMDs) generally begin at age 73 for traditional IRAs, SIMPLE IRAs, SEP IRAs, and other retirement plans, serving to limit how long tax-deferred accounts can grow without withdrawals. An RMD is the minimum amount you must withdraw each...
Oct 29, 2024 | Tax Talk Tuesdays
If you’re self-employed, paying for your own health insurance can be a significant expense. However, the IRS offers a valuable tax break that can help reduce this burden. By claiming the self-employed health insurance deduction, you can deduct the cost of premiums for...
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