Test your financial knowledge with our 12-question quiz on retirement planning, credit, taxes, and more. From understanding the "50/30/20" rule to knowing when you can make catch-up contributions to your retirement accounts, this quiz is a fun way to see how well you know the personal finance essentials. Take the quiz now and learn more about how to secure your financial future.
Deciding between cash or accrual accounting for tax purposes can have a significant effect on your business's financial strategies. This article covers the eligibility criteria for using the cash method under the Tax Cuts and Jobs Act (TCJA) and examines the advantages of both accounting methods. Businesses should carefully evaluate the method that best suits their financial structure to optimize their tax outcomes. Learn how to choose wisely and avoid unnecessary complications when switching methods. Read the full article for expert advice.
If you have a sideline activity that consistently generates losses, the IRS may classify it as a hobby, making deductions for those losses difficult. This article breaks down the challenges of hobby-related losses under the TCJA, offering advice on how to prove that your activity is a legitimate business. Learn about the IRS's safe-harbor rules, the importance of showing a profit motive, and factors that can help turn a money-losing activity into a deductible business expense.
The Financial Accounting Standards Board (FASB) proposes changes to accounting for internal software development costs. Learn about the proposed changes and how they might affect your company's financial reporting.
Learn about President-elect Trump’s proposed tax changes and how they could affect your financial strategy. This nonpartisan article discusses the potential impacts of extending and expanding the Tax Cuts and Jobs Act of 2017, among other proposed changes. Stay informed about potential tax changes and learn how to prepare for them.
Significant changes to the IRS’s 1099-K reporting thresholds are on the horizon, affecting anyone who uses payment apps or online marketplaces. Starting in 2024, more of your transactions could be reported to the IRS, potentially impacting your tax obligations. Find out what these updates mean for you and how to navigate the new requirements.
A rule that sought to increase the salary threshold for overtime exemption has been struck down by U.S. District Judge Sean Jordan. Learn the impact of this decision, how the situation unfolded, and potential future scenarios.
Billing disputes can strain relationships with customers and delay payments. This article explores how categorizing customers and setting strict deadlines can lead to quicker resolutions. It also emphasizes the importance of improving collections processes for smoother transactions. Read the full article for practical steps to resolve disputes and maintain healthy cash flow.
Borrowing from a retirement plan, such as a 401(k), can be a convenient way to access funds, but it comes with risks. This article explains the potential tax consequences if the loan is not repaid on time, including penalties and taxable distributions. It also discusses loan limits, how interest is treated for tax purposes, and exceptions that may apply depending on the type of plan. To avoid financial pitfalls, it's essential to understand the rules and consult a tax adviser before borrowing. Read the full article for detailed guidance.
Health Savings Accounts (HSAs) are an effective way to save for medical expenses while enjoying tax benefits. In this article, we explore HSA basics, including contribution limits for 2025, the tax-free growth of unused funds, and the portability of these accounts. HSAs are also beneficial for businesses and employees alike, allowing for reduced premiums and employer contributions. Learn more about how HSAs can help you control medical costs and improve your financial health. Read the full article for more.
Revocable trusts can be a powerful tool for married couples looking to streamline their estate planning. But should you choose a joint trust or separate trusts? This article delves into the key factors that will influence your decision, including asset control, estate tax exemptions, and creditor protection. We also explore how your choice could affect your tax exposure and provide tips on how to structure your trust to meet your long-term goals. Read on for more detailed guidance.
The federal tax landscape is evolving, with new updates on gambling winnings, Social Security increases, and Health Savings Accounts. This article breaks down recent changes for 2025, including contribution limits for HSAs and adjustments to Social Security benefits. It also explains the process of recovering lost tax records and how you can authorize a representative to handle your IRS matters. Read the full article for more details on how these changes could impact your tax planning.
