If you’re financially supporting a parent, you might be eligible for key tax breaks, including a $500 tax credit, head of household filing status, and deductions for medical expenses. This article outlines the requirements, explains how you can qualify, and provides tips on maximizing these benefits. Whether you’re paying for basic living costs or medical expenses, learn how to leverage these tax advantages to save money.
Investing IRA funds in real estate can be an effective strategy for retirement savings diversification, but it comes with specific rules and considerations. This article explores how to use a self-directed IRA to invest in real estate, the management requirements, and the tax implications involved. Learn how to navigate these aspects to build a robust real estate investment strategy within your retirement plan. Read the full article for detailed insights.
Weighing retirement plan options can be daunting, especially when it comes to IRAs. This article breaks down the differences between SIMPLE-IRAs, SEPs, and Payroll Deduction IRAs, helping you choose the best fit for your business. Learn about contribution limits, tax implications, and who each plan benefits most. Don’t miss out on making an informed decision that suits your business and employees. Read the full article for detailed guidance.
Social media is not a reliable source for tax advice. The IRS warns about scams and misinformation circulating on platforms like Facebook, TikTok, Instagram, and X. This article addresses common myths, such as self-employment tax credits and misuse of tax forms. It’s essential to consult a trusted tax professional before filing any claims. Protect yourself from costly penalties and fees—read the full article for details.
The IRS has released new retirement plan limits for 2025, with adjustments due to inflation. This article covers the updated contribution limits for 401(k)s, 403(b)s, traditional and Roth IRAs, as well as changes to the Social Security earnings test. Understand how these changes affect your retirement planning and make informed decisions to maximize your savings. Read the full article for detailed information.
Transferring assets to loved ones can be complex and risky without proper documentation and disclosure. This article outlines the IRS’s three-year statute of limitations, the need for adequate disclosure, and what to include on a gift tax return. Learn how to protect your estate plan from IRS challenges and potential litigation by following these guidelines. Read the full article for detailed strategies.
Separating real estate from your business assets can offer significant advantages, including avoiding double taxation, limiting legal liability, and easing sales or transfers. This article explores the mechanics behind separating real estate, the potential benefits, and considerations to keep in mind. Read the full article for more insights and guidance on how to implement these strategies effectively.
With 2024 nearing its end, now is the perfect time to take proactive steps to minimize your tax burden. This article explores five actionable strategies to help reduce your federal income tax liability, including optimizing income and expense timing, leveraging charitable giving, converting IRAs, and maximizing contributions to retirement and health accounts. Learn how to take advantage of these strategies and prepare for upcoming changes in tax law. Read the full article for more details.
Even successful businesses have experienced losses, but deducting those losses requires navigating complex IRS limitations. From outside basis limits for partnerships and S corporations to the at-risk rules and excess business loss thresholds, this article breaks down the critical factors that influence your tax deductions. Ensure you’re leveraging losses effectively while staying compliant. Read the full article for in-depth insights and strategies.
A FASB ASU clarified the requirements for accounting for a settlement of a convertible debt instrument as an induced conversion.