A will is a legal document that takes effect after your death. It specifies how you want your assets distributed and allows you to name a guardian for minor children. Wills must be signed and witnessed according to your state’s laws, and they are filed with a probate court after your death. Probate is a […]
A tariff is a tax imposed on imported goods with the aim of protecting domestic industries and generating revenue. The importer pays the tariff to U.S. Customs and Border Protection, and often the cost is passed on — fully or partially — to consumers in the form of higher prices. As a result, goods from […]
Employers must file each employee’s IRS Form W-2, Wage and Tax Statement, with the Social Security Administration and provide a copy to the employee. If filing by mail, employers must also submit Form W-3, Transmittal of Wage and Tax Statements, which transmits Copy A of Form W-2 to the SSA. However, employers that file electronically […]
We want to take a moment to alert you about a new scam involving fraudulent text messages that claim to be from the IRS regarding a $1,400 stimulus payment. Please take a moment to read the details below to protect yourself and your information. How the Scam Works You receive a text message claiming to be […]
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Recently, FinCEN sent out a notice indicating a new deadline of March 21 for small businesses to comply with its beneficial ownership information (BOI) reporting requirement. That said, if your reporting deadline is in April because you […]
The IRS generally considers whether you’re married, separated but not legally separated, or divorced at the end of the year. Marriage status is important in filing taxes; it not only determines filing requirements but also standard deductions, eligibility for certain credits and taxes as well. In fact, you may have to deal with multiple government […]
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and business: 70 cents/mile (up from 67 cents in 2024) Charities: 14 cents/mile (unchanged from 2024) Medical: 21 cents/mile (unchanged from 2024) Moving (military only): 21 cents/mile (unchanged from 2024) It […]
In a December 2024 release, the IRS said it was continuing to improve taxpayer services to help people prepare for tax season with more digital tools and options available. Even though you’re working with a tax pro, there are things you can do in advance to help yourself. The IRS’s Get Ready page on IRS.gov offers practical […]
You will probably have an initial meeting before you sign on the dotted line. You may spend about an hour together discussing your goals and concerns and specific questions. It might be by video, but it more typically takes place at the adviser’s office. Above all, do not be intimidated, whatever your limits of financial […]
Your max contributions to 401(k) plans for 2025 increase to $23,500, up from $23,000 for 2024, according to the IRS. The tax agency also issued technical guidance regarding cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2025. The limit on annual contributions to an IRA remains $7,000. The […]