Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately, such as when one spouse has large medical expenses.
4 Key Tax Questions About 2025 Taxes
Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.
The Tax Treatment of Intangible Assets
Intangible assets, such as patents, trademarks, copyrights, and goodwill, are crucial to today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions.
ESOPs Can Help Business Owners With Succession Planning
Devising and executing the right succession plan is challenging for most business owners. In worst-case scenarios, succession planning is left to chance until the last minute. Chaos, or at least much confusion and uncertainty, often follows.
Understanding the Work Opportunity Tax Credit
According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024.
January 2025 Tax Due Dates
January 15 Employers: Deposit nonpayroll withheld income tax for December 2024 if the monthly deposit rule applies. Individuals: Pay the fourth installment of 2024 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income …
3 Types of Retirement Plans for Growing Businesses
When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities.
Election Impact on Tax Law: Potential Key Changes to Watch For
Having won control of the White House, the Senate, and the House of Representatives, Republicans will have the opportunity to move forward with their vision for federal taxes. What might this mean?
Not Every Disaster Allows for a Casualty Loss Tax Deduction
Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a sudden, unexpected, or unusual event, such as a hurricane, tornado, flood, earthquake, fire, act of vandalism, or terrorist attack.
RMD Deadline and Penalties
If you’re subject to required minimum distributions (RMDs), you must take your 2024 RMD by December 31 to avoid penalties.