Business and Tax News
How a 529 plan can Boost IRAs
For years, 529 plans have served as a tax-advantaged way for families to save for education expenses. However, one major concern has lingered: What...
Can You Claim Your Boyfriend or Girlfriend as a Dependent on Your Tax Return?
If you and your significant other live together but aren’t married, you might share many expenses—and in some cases, one of you may be financially...
Maryland’s Homeowners’ Property Tax Credit Program: What You Need to Know
The State of Maryland offers the Homeowners' Property Tax Credit Program, designed to provide relief to homeowners whose property taxes exceed a...
IRS Deadlines for 2025: Key Tax Dates You Can’t Overlook
As 2025 approaches, it’s time to mark your calendar with critical tax deadlines. Whether you’re filing your federal income taxes or making quarterly...
These 9 States Are Cutting Income Taxes Starting January 2025: What Taxpayers Need to Know
As of January 1, 2025, nine U.S. states are reducing individual income tax rates, bringing potential financial relief to millions of residents....
Understanding the IRS’s New Cryptocurrency Cost Basis Rules
The IRS has introduced significant changes for U.S. cryptocurrency investors. Starting January 1, 2025, crypto cost basis tracking will transition...
List of Vehicles Over 6000 Pounds that Qualify for Tax Deduction in 2024
Imagine you’re a business owner looking to purchase a dependable, heavy-duty vehicle for your company—perhaps a large truck or SUV. At the same...
Small Business Tax Planning: 14 Strategies to Save on Taxes in 2025
Filing taxes is a fundamental responsibility for small business owners, one that demands thoughtful preparation to minimize liabilities and stay...
Federal Court Halts Nationwide Enforcement of the Corporate Transparency Act
On December 3, 2024, a federal court in Texas issued a nationwide injunction blocking the enforcement of the Corporate Transparency Act (CTA). The...
Tax Benefits for Continuing Education
Pursuing higher education or professional development can expand your knowledge and career opportunities while providing significant tax advantages....
How to Use Tax Loss Harvesting to Offset Capital Gains
Investing in assets like cryptocurrency, real estate, or stocks can be a strategic way to grow wealth, but it also carries risks. If your...
Understanding How Inherited IRAs Work
IRAs are designed to help individuals save for retirement, but what happens to these funds if the account owner passes away? When setting up an IRA,...
Taxes on Severance Pay: Key Points to Keep in Mind
Economic downturns often result in layoffs, particularly in industries like tech. For some employees, the bright spot in these challenging times is...
IRS Ruling on 401(k) Matches Introduces New Flexibility for Employees’ Contributions
Imagine having the choice to apply your 401(k) employer match toward student loan payments or healthcare costs instead of just retirement. This...
Understanding Disability Income and Its Tax Implications
Disability income, also known as disability benefits or payments, provides financial support to individuals who cannot work due to a physical or...
Maximizing Tax Benefits from Home Improvements
When planning home improvements, it's essential to understand which projects may offer potential tax advantages. While most home improvement costs...
Understanding Income Statements
What Are Income Statements? Income statements, often referred to as profit and loss (P&L) statements, are financial reports that summarize an...
Understanding the Child Tax Credit vs. the Child and Dependent Care Tax Credit — and Why Both Matter
Child care is an essential need for American families, not a luxury. However, the rising costs of quality child care are surpassing other major...