Category: Featured

The Internal Revenue Service recently announced the contribution limits for retirement accounts effective January 1, 2025. Here’s how much you can save for retirement with a 401(k) and an IRA in 2025:   401(k) Updates for 2025  Contribution Limit. The maximum amount that individuals can contribute to their 401(k) in 2025 is $23,500, an increase from… Continue reading 2025 IRS Updates for 401(k) and IRA Limits 

The new Beneficial Ownership Information Reporting (BOIR) from FinCEN (Financial Crimes Enforcement Network) requires many companies to report information about the company itself, its applicant (for companies registered in 2024 onwards), and its beneficial owners- the individuals who owns or controls the business.   Sole proprietors or single-member LLCs are automatically identified as their company’s beneficial… Continue reading FinCEN’s Beneficial Owners of a Company: What You Need to Know 

If you pay interest on a qualified student loan, you may just be able to take a deduction up to $2,500 to lower your taxable income. The question is are you eligible to claim a student interest loan deduction?   Eligibility and Qualifications  The great thing about this benefit is that it is an adjustment to… Continue reading Student Interest Loan Deduction:  How to Qualify? 

One of the very few exceptions to the uncertainty of life is taxes. It’s a reality we all face and it’s only right that we set aside funds to be financially ready to pay our taxes. But sometimes, life throws us curveballs such as medical emergencies, accidents, or natural disasters that can really distress our… Continue reading IRS Offer in Compromise: What is it and Who Qualifies 

The Internal Revenue Service (IRS) makes yearly adjustments on several tax provisions to mitigate the effect of inflation. Just recently, October 22, 2024, the IRS released the yearly inflation adjustments under Revenue Procedure 2024-40. Listed below are some of its highlights.   Year 2025 Income Tax Table   Below are the updated income tax margins for the… Continue reading Tax Inflation Adjustments for the Tax Year 2025 

As a business owner, every penny counts. And it is only natural to want to take full advantage of all business deductions. An often-overlooked area is the taxes and license fees. Although a huge chunk of our paid taxes is non-deductible, the income taxes, there are other taxes and licensing fees that the IRS allows… Continue reading Taxes and Licenses: A Business Deduction? 

Sometimes, no matter how well we save up for the future, there can be unforeseen life events that can lead us to struggle financially. When combined with an unexpected tax liability, it can really put a financial stress if we lack the capacity to pay our obligation.   Fortunately, the Internal Revenue Service (IRS) offers a… Continue reading IRS Payment Plan: What is it and How to Apply 

Parents and guardians with qualifying children can benefit from the Child Tax Credit. The child tax credit is a tax break for eligible taxpayers to help them with the cost of raising children by reducing their tax liability dollar-for-dollar. Here’s what you need to know to benefit from this credit for the tax year 2024. … Continue reading The 2024 Child Tax Credit 

Parents and guardians often find themselves juggling their time between work and caring for their children or dependents. Most often than not, they need to hire extra hands to help them tend to the people they love, and its related costs can be significant. Thankfully, there is a tax credit that can help ease this… Continue reading Child and Dependent Care Credit: An Overview 

In this digital day and age, safeguarding your identity from cyber criminals around the world has become a priority. In the 2023 tax season alone, the Internal Revenue Service (IRS) has flagged more than one million tax returns for potential identity theft.  To combat this threat, the Internal Revenue Service (IRS) encourages taxpayers to enroll… Continue reading The IRS IP PIN: What is It and How to Get One