Author: Rick Kouns

Solo 401(k) and Individual Retirement Arrangement (IRA) are just some of the retirement plans that self-employed individuals, small business owners, or independent contractors may want to have for self-initiated savings for the future. And there will be more savings opportunity for your retirement as the Internal Revenue Service (IRS) announced an increase in these plans’… Continue reading IRS Changes in Retirement Plans: Solo 401(k) and IRAs 

The Internal Revenue Service (IRS) makes yearly adjustments on several tax provisions to mitigate the effect of inflation. Last November 9, 2023, the IRS released the yearly inflation adjustments under Revenue Procedure 2023-34. Listed below are some of its highlights.  2024 Tax Table  One of the adjustments is the updated income tax margins for the… Continue reading What’s New for Tax Year 2024? 

Donating is a way to give back to the community and express one’s gratitude for the help they received in the past. Some people donate to charitable organizations with the same set of ideals and beliefs as they do. Donating can give you a sense of fulfillment by supporting their programs and activities in ways… Continue reading Charitable Donations: Deductibility Rules 

Business gifts are usually given to promote goodwill, to strengthen business relationships, or as a token of gratitude. If you are a small business owner, self-employed, or an independent contractor, you may want to strategize and give gifts to your customers, suppliers, hired consultants, or freelancers. Benefits of business gifts include customers and suppliers feeling… Continue reading Business Gifts: Rules and Limitations 

In general, medical insurance may be deductible only if it exceeds 7.5% of your Adjusted Gross Income (or AGI) and you choose to itemize your deductions. This would mean that your medical insurance premiums must be relatively high to avail this deduction and you have evaluated that itemizing your deduction will provide more tax savings… Continue reading Health Insurance Deduction for the Self-Employed 

The Internal Revenue Service or the IRS allows businesses to deduct the ordinary and necessary costs spent on marketing and advertising activities. These activities include promoting your brand and making your products or services known in the market with the goal of getting new customers or keeping the existing ones loyal to your business.   There… Continue reading Marketing and Advertising Expenses: When Deductible? 

To help the economy bounce back after the COVID19 pandemic restrictions, the Internal Revenue Service (IRS) temporarily allowed 100% deductibility of cost spent on meals if it meets specific conditions in the period starting 2021 until 2022. But now that the suspension is lifted, the 50% deductibility limit on meal expenses is back. But there… Continue reading Money Spent on Business Meetings: 100% Deductible? 

Does your profession or your business require you to attend training courses or seminars to keep you up to date with the latest practices or technology? Or do you simply want to constantly improve and become better in your trade? Read on because the cost you spent on this kind of education might save you… Continue reading Work-Related Education Deduction 

October is the beginning of the fourth quarter of the calendar year.  October is a time for reflection on what has happened in the prior nine months and is an opportunity to achieve our goals in the last three months of the year. October is when corporate America begins to think about the 2024 Budget. … Continue reading Tis the Season for Pre-Planning

One of the enacted laws of Tax Cuts and Jobs Act (TCJA) in 2017 is the State and Local Tax (SALT) Deduction Cap, limiting the federal tax deduction an individual can claim for their state and local taxes paid.  Under the SALT cap, individual taxpayers who itemize their deductions on their federal income tax returns… Continue reading PTE Tax: A SALT Cap Relief