How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent years.
How Can You Build a Golden Nest Egg if You’re Self-Employed?
If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This option is also for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan.
Help Prevent Financial Scams Aimed at Older People
In any season, scam artists are seeking new ways to steal financial data and money from vulnerable people. Such fraudulent activities often target older adults. Here are three ways to help prevent elder financial abuse and fraud, whether you’re in this age bracket or you share them with senior loved ones:
Tax Records: What Can You Toss, and What Should You Keep?
Generally, the IRS has three years to audit a tax return, from the later of the due date or the date you file. If you overlooked something, you can also file an amended return within this time frame.
Here’s what you need to know about keeping financial records involved in your tax returns.
Is Disability Income Taxable?
If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.”
Tax Planning vs. Tax Preparation: What is the Difference?
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look:
A Tax Checklist for Newly Married Couples
Summer is the wedding season, and newlyweds should understand how tying the knot can affect their tax situation. Here’s are three things newly married couples should know:
C Corporation Advantages and Disadvantages
What Are Some Advantages and Disadvantages of a C Corporation? C Corporations can provide significant advantages, particularly if your goal is to grow the company and eventually attract outside investors. C Corporations hold substantial benefits for investors who maintain their …
Behind the Numbers: Unlock Business Opportunities
At Robert P. Russo CPA PC, we understand the thrill of entrepreneurship. We also recognize the challenges that come with it.
In the video below, Bob shares the process of helping clients in the ever-changing tax world and how his clients unlock opportunities. If you prefer, you can also read the transcript below.
Employee Relocation: What Happens to Your Home?
Employees and small business owners often have questions about what to do with an employee’s home when they move to a new job location. Here are some answers.