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With age comes wisdom and potentially some valuable federal income tax breaks that aren't available to younger taxpayers. Specifically, people over age 50 might consider making deductible catch-up contributions to their retirement accounts. And they might itemize deductions, rather than claim the standard deduction, if their medical bills are over the income-based threshold. Here are the details.
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Emergencies happen to all of us, and many people are unprepared. Starting in 2024, employers can offer certain employees the option of establishing an emergency savings account, linked to their company retirement account. Participants can make after-tax contributions from their salary and take monthly withdrawals as needed. Here are the details.
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A designated Roth 401(k) account can be a tax-smart retirement tool if it's offered under your company's plan. Elective contributions to these accounts are taxed on the front end, allowing you to receive federal-income-tax-free qualified withdrawals on the back end. Plus, there are no income-based limits on participating in company Roth plans. Here are the details.
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Fundraising is already in full swing for the November 2024 elections. Are you planning to donate to a favorite local or federal candidate? Before opening your wallet, it's important to understand the rules that apply to campaign contributions made by individuals and businesses.
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Does your business provide a qualified child care facility for employees' dependents? If so, you may be eligible for a valuable tax credit that, when combined with the business expense deduction and a qualified dependent care assistance program, can significantly lower your tax bill. This break also provides a welcome perk for working parents on your payroll.
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As your small business grows, it will encounter many new challenges and opportunities. Here's how to tackle top concerns such as financial and tax reporting, marketing, strategic decision making, working capital and risk management to minimize growing pains during this critical stage of business development.
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Generally, the IRS has three years to audit a tax return, from the later of the due date of the return, or the date the return is filed. But many exceptions exist that make it prudent to keep financial records even longer. Some states also have different records retention requirements. Here's the lowdown on records retention, broken down by various types of documentation.
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Business owners sometimes add a few extra days of leisure to their business trips, whether to relax by the beach or visit family members who live in different cities. With proper planning and documentation, you may be able to deduct some costs such as transportation, lodging and meals as legitimate business expenses. Here's a refresher on the tax rules for business vs. personal travel.
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Certain small businesses may enjoy a substantial reduction of their federal income tax by claiming the general business credit (GBC). This article answers common questions about the credit, including who can claim it and how much they can save at tax time. Claiming the GBC can be a complicated process, but worthwhile if your business qualifies. Let's take a look at the details.
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Are you planning to buy a new home this spring or summer? Financing is a hurdle you'll probably need to clear before closing. Beware: When you apply for a mortgage, the lender will pull your credit history. Then, credit agencies may sell your data to other lenders, which could trigger an onslaught of unsolicited loan offers. Here's how to protect against so-called "trigger leads."
