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Federal requirements for REAL IDs kick in on May 7, 2025. Is your driver's license or state-issued identification card up to date? According to the U.S. Department of Homeland Security, only 56% of all state-issued driver's licenses and identification cards are REAL-ID compliant. Here's what you need to know to minimize future delays and frustration at airport security checkpoints.
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Have you jumped on the digital-asset bandwagon yet? A recent report found that approximately 28% of U.S. adults currently own cryptocurrencies and 14% of people without crypto plan to buy some in 2025. However, digital assets can be a target for an IRS audit. Here are the answers to some common questions to help you comply with the current rules when filing your federal tax return.
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From sports betting to online gaming and raffles, gambling is big business and Uncle Sam wants a cut of the winnings. However, a recent report found that gambling winnings often go unreported. Here's an overview of the complex federal tax rules for gambling income to help ensure you report your winnings accurately and don't lose out on gambling-related tax breaks.
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Starting in 2018, the alternative minimum tax (AMT) rules were liberalized, making fewer taxpayers liable for it. However, individual taxpayers may still be on the hook for the AMT. Here's what you need to know before filing your 2024 federal income tax return, including seven factors that can affect an individual's AMT risk profile
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Section 179 of the tax code provides opportunities for substantial first-year depreciation deductions when a business places newly acquired qualifying assets into service. The Sec. 179 deduction amounts change annually due to inflation adjustments and certain limitations apply. Additionally, it's important to consider any available first-year bonus depreciation deductions when making decisions. Here's what business owners need to know to optimize these tax benefits.
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Financial Independence, Retire Early (FIRE) is a movement that's gaining significant traction among Millennials. FIRE emphasizes reducing expenses, saving aggressively and investing strategically to achieve financial independence and retire before standard retirement ages. Here's how to make this approach work for you.
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In the haste to file a timely income tax return, some taxpayers may lose out on valuable tax breaks. Don't let this happen to you! Meet with your tax advisor as soon as possible to discuss the tax breaks you may be eligible to claim on your 2024 return. Here's a list of eight breaks many taxpayers are unaware of.
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One of the great unknowns of retirement is how much you'll need for out-of-pocket health care costs. Research shows you'll probably need more than you think. This article guides how to proactively address these issues, from thinking through the possibilities you may encounter to health plan options, long-term care insurance and retirement savings.
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Does your company offer a profit-sharing plan? This type of defined contribution plan allows discretionary employer contributions and flexibility in plan design. Over the years, these plans have lost favor to 401(k) plans. However, some proactive employers are reviving profit-sharing plans to attract and retain workers. Here's an overview of these plans, including the pros and cons.
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A recent survey found that many younger investors are seeking opportunities beyond traditional stocks and bonds. These may include investments in real estate, cryptocurrency and private equity. Each asset class offers unique advantages and disadvantages that require due diligence to minimize costly mistakes and maximize potential returns.
