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Rising college costs have caused many parents and students to incur substantial debt. SECURE 2.0 contains a provision that may help employees pay off their student loans. For plan years beginning in 2024 and beyond, it allows employers to make matching contributions to certain employee retirement plan accounts to cover qualified student loan payments. Here are the details.
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The U.S. Department of Labor overtime rule that many employers began phasing in on July 1, 2024, has now been vacated by a federal district court. Moreover, the rule is unlikely to be resurrected under the Trump administration. How should your company respond? Read on to understand your options and decide what's right for your organization's situation.
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As 2024 winds down, it's important for business owners to take a hard look at their tax situation for the year. Proactive planning at year end can significantly reduce your 2024 tax obligation and help prevent Tax Day surprises. This article provides several last-minute tax-reduction strategies for you to consider.
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With Election Day in the rearview mirror, there's greater clarity on the fate of the expiring Tax Cuts and Jobs Act (TCJA) provisions that affect individual taxpayers. President-Elect Donald Trump and other Republicans have promised to extend individual tax breaks under the TCJA and potentially introduce some new tax cuts. Here's an overview of what could be on the legislative agenda early next year.
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Valuations aren't just useful for business owners seeking to retire or to sell their companies. A good way to view a valuation is as a checkup that can assist you in planning for a better future for the business. This article looks at the many benefits of business valuations.
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Roth IRAs can be a tax-smart way to save for retirement. Contributions to these accounts don't reduce your current-year taxable income, but qualified withdrawals are federal-income-tax-free. Unfortunately, annual Roth contributions are subject to income-based restrictions. However, a "backdoor" conversion option is available to almost anyone even billionaires. Here's how it works.
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Mark your calendar for December 31. Why? This is the cutoff date for individuals to implement most tax-saving strategies for the 2024 tax year. If you wait until tax filing season, you'll generally be out of luck (but there are exceptions). Here are five proactive ideas to discuss with your tax advisor before you ring in the New Year.
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The latest studies show that Americans, on average, spend more than two hours per day on social media. While you may turn to Facebook and other platforms for news and updates from family members and local businesses, you generally shouldn't rely on them for tax advice. Here are some tax-related social media scams that unwary people have fallen for in recent years.
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Financial decisions often involve balancing potential risk with potential reward. For businesses that buy real estate, the choice of how to title each property should be made with an eye on all the implications. This article looks at some points you need to consider, with the help of your tax advisor.
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Do you expect your business to report a loss for 2024? Losses sometimes happen, even to successful established businesses. The silver lining is that business losses may be tax deductible. However, your ability to claim a deduction is subject to various limitations. Here's an overview of these limits, along with some possible work-arounds to help maximize your deduction.
