With tax season in the rearview mirror, many individuals and business owners wonder how long they should hold on to tax-related records — and what can safely be discarded. Different types of documents have different retention recommendations and requirements, and keeping records either too long or not long enough can create unnecessary risk or clutter. […]
Taxes
Are You Ready for the New Roth Catch-Up Contribution Rules?
Catch-up contributions have long been a way for taxpayers to put more dollars into their retirement accounts as they get older. But the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, enacted in 2022, included a major change to the catch-up contribution rules for higher-income taxpayers — and employers that sponsor qualified retirement […]
New 1099 Rules May Bring Relief to Some Businesses
The One Big Beautiful Bill Act (OBBBA) has garnered headlines for extending dozens of tax provisions and creating new tax-saving opportunities for individuals and businesses. But it also eases the rules for Form 1099-NEC, “Nonemployee Compensation,” and Form 1099-K, “Payment Card and Third-Party Network Transactions.” These forms are sent to both the IRS and payment […]
Will You Qualify for the Home Sale Gain Exclusion?
For most people, the home sale gain exclusion is the biggest tax break they’ll ever get. But the exclusion is subject to several complicated rules and limitations, so it’s important to plan carefully before you sell to shield as much of your profit from tax as possible. Exclusion Basics Does a Home Office Affect Your Home […]
New Tax Rules Have Been Set: Start Planning Now
Individual taxpayers faced significant tax planning uncertainty for the first six months of the year. Many provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) were scheduled to expire at the end of this year. However, after the One Big Beautiful Bill Act (OBBBA) became law in July, the federal tax rules for […]
Why You May Want to Rethink Your Deduction Strategy in 2025
As we approach the end of 2025, it’s time to evaluate your year-end tax planning strategies. One important decision is whether you’ll claim the standard deduction or itemize deductions. Thanks to recent changes under the One Big Beautiful Bill Act (OBBBA), this choice carries new weight and can significantly impact your year-end strategies. What’s the […]
