How the 2025 Social Security Adjustments Will Impact Your Wallet
As we step into 2025, millions of Americans are set to experience a notable change in their Social Security benefits. The Social Security Administration (SSA) has announced a 2.5 percent cost-of-living adjustment (COLA) for Social Security benefits and Supplemental Security Income (SSI) payments.
Avoid the Trap: Smart Strategies to Prevent Costly Penalties from Underpaying Estimated Taxes
Underpayment penalties are a common concern for taxpayers, and many are unaware of how substantial they can be. These penalties are assessed by the Internal Revenue Service (IRS) when taxpayers fail to pay enough of their tax liability through withholding or estimated tax payments throughout the tax year.
Healthcare Systems and Controversial Tax Breaks: Everything You Need to Know
Just about everyone has an opinion on the healthcare system in the United States. What many Americans don’t realize, however, is that there’s another tangential battle going on when it comes to healthcare facilities themselves.
Understanding the Types of IRS Audits: Why Professional Help is Essential
Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it's crucial to recognize that handling an audit is not a DIY task. Professional assistance can make a significant difference in the outcome.
Unlock Hidden Savings: A Guide to Maximizing Tax Deductions for Small Business Owners
As a small business owner, one of your primary goals should be to maximize your business tax deductions to minimize your liability. Effective tax planning can significantly impact your bottom line, allowing you to reinvest more into your business.
Should Employers Offer Long-Term Care Insurance as a Fringe Benefit?
Employers have a wide array of fringe benefits they can offer employees. One to carefully consider is long-term care insurance.
Qualified Small Business Stock: Do You Qualify for Its Taxable Gain Exclusion?
IRC Sec 1202, Qualified Small Business Stock (QSBS) gain exclusion, provides a significant tax planning strategy. Sec 1202 was enacted in 1993 to encourage investment in small businesses. It allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the sale of qualified small business stock (QSBS) of a C corporation.