In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out [...]
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. [...]
New 401(k) contribution limits for 2024 In 2024, individuals will be able to contribute more to their 401(k) plans, up to $23,000. The same is true for 403(b) plans [...]
For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year [...]
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income [...]
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid [...]
The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including single, divorced or legally separated parents, and taxpayers who support adult family [...]
In recent years, many Americans have been the victims of natural disasters. If you're unfortunate enough to suffer a personal casualty loss, here are the federal income tax implications. Limited [...]
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax [...]
Is your business struggling with a shortage of skilled workers in today's tight labor market? One possible option is to invest in education programs to upskill your current employees. This [...]
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report [...]
Did you buy an electric vehicle (EV) in 2023? Under the Inflation Reduction Act (IRA), passed late in 2022, you may be eligible for a new-and-improved tax credit, beginning on [...]
Did you give large gifts to your children, grandchildren, or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. [...]
Do you own a vacation home in the mountains or near the water where you can enjoy some much-needed rest and relaxation? If you rent it to tenants while you [...]
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks [...]