The nationwide ban against noncompete agreements for most employees and independent contractors has been overturned by the U.S. District Court for the Northern District of Texas. The ban, which was scheduled to take effect on September 4, 2024, was mandated under a new final rule issued by the Federal Trade Commission (FTC) in April 2024. The […]
Articles
Business Owners: Failure to Substantiate Donations Can Be Costly
Charitable donations can provide businesses with significant tax savings. But for gifts over a certain amount, they must obtain a contemporaneous written acknowledgement of their donations to qualify for a charitable contribution deduction. Failing to do so can prove costly. An S corporation learned that lesson the hard way when the IRS and the U.S. Tax […]
What Can Your Small Business Do Now to Lower Taxes for 2024?
Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax bill. Thankfully, it appears there won’t be any significant unfavorable federal tax changes that will take effect next year. If that’s an accurate prediction, the 2024 tax planning environment […]
Important Things to Know about 529 College Savings Account Withdrawals
Have you set up Section 529 college savings plans for your children or grandchildren? The major advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free. But there can be limitations on withdrawal rights and not all 529 withdrawals are tax-free, even in years when significant college costs are incurred. Here’s what you should know […]
How Catch-Up Contributions Can Bolster Retirement Savings
If you’re age 50 or older, you can make extra “catch-up” contributions to certain types of retirement accounts. Many people fail to capitalize on this opportunity because they haven’t looked at the significant impact these extra contributions can have on their retirement-age wealth. If you’re worried that you won’t have enough money saved to be […]
2 Important Breaks for Mature Taxpayers to Consider
If you’re an “experienced” taxpayer, you’re probably entitled to some age-based federal income tax breaks that younger taxpayers can’t claim. Here are some details to help you take advantage of two valuable opportunities to lower your federal income tax obligations. 1. Make Retirement Account Catch-Up Contributions If you’re age 50 or older, you can make extra […]
