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The IRS recently announced increases for some retirement plan benefits for 2025. Some of the tax amounts are going up next year due to inflation adjustments, but others won't change or increase as much as in recent years. The changes include increased contribution amounts for 401(k) and SIMPLE plans. Take a look at how much you may be able to put away next year for retirement.
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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.
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Gift cards are a popular way to spread holiday cheer. During the 2023 holiday season, the National Retail Federation estimates that $30 billion was spent on gift cards in the United States. While these cards may be convenient and flexible, you should understand the potential downsides, including fees and expiration dates. Rules vary depending on the issuer and applicable laws.
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If your business buys tangible depreciable assets and places them in service before year end, they may qualify for first-year Section 179 depreciation deductions. Together with the bonus depreciation program, the deductions can significantly reduce business taxable income. Here's what you should know to take advantage of this tax-saving opportunity.
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As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.
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Are you planning to donate to charity before the end of the year? Deductions for charitable contributions are available only to taxpayers who itemize. While tax breaks aren't the sole consideration when donating to charities, they certainly sweeten the deal. Here's a classic strategy that many philanthropic people use to help ensure their donations count for tax purposes.
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Holiday parties can be a great way for employees to relax, mingle and get to know co-workers on a personal level. If your business is planning a holiday gathering, you might be unclear on the current tax rules. The good news is that holiday party expenses are generally deductible, but there are some important caveats. Here are the details.
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Navigating the federal tax maze can be daunting. Many tax terms are confusing, whether you're a business owner, a seasoned individual taxpayer or first-time filer. Plus, significant tax law changes may be on the horizon due to the election and provisions in the Tax Cuts and Jobs Act that are expiring at the end of 2025. Here's a glossary of 20 key tax terms.
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As more businesses plan to return to their regular workspaces in the coming months, they may find it necessary or beneficial to make changes. Whether the changes are improvements to your existing property or a move to a more suitable sized property, there are tax breaks to consider. This article looks at some of the opportunities that may be available.
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Succession planning is an important consideration if you own a business, even if you're healthy and don't plan to retire anytime soon. But succession planning often takes a backseat to the daily demands of running a company. By taking proactive steps today, you can ensure that your business continues to thrive after you leave it while achieving other wealth-management goals.
