The amount individuals can contribute to their 401(k) plan in 2025 will increase to $23,500, up from $23,000 in 2024, according to the tax agency. The increase covers those who participate in 403(b) and most 457 plans, as well as the federal government’s Thrift Savings Plan. The IRS also announced on Friday that the 2025 IRA […]
Sometimes life throws us a curve ball. Unfortunately, the world keeps spinning, and the tax world waits for no man (or woman for that matter). Here is a typical scenario – “My wife and I separated last month, although at this point, we are not sure when a formal divorce agreement will be finalized. We […]
This is really a two-part question, the first part being how do I make sure I have withheld the proper amount based on my estimated tax liability at year end? Step one – assume no changes in your tax deductions, credits, etc. Then check your income tax withholdings to-date. Most people leave this task until […]
Business meal deductions can be confusing. Just keep in mind these simple rules and you will save you much time and headache when compiling your year-end information – Rule #1, document, document, document! Let’s face it, no one wants to have to continuously write down the details of every business meeting, trip or meal. But […]
