ARTICLES

If your 2024 tax bill is higher than expected, you can lower it by making a deductible contribution to a traditional IRA by April 15, 2025.

At 73, RMDs from IRAs are required. Early withdrawals may face taxes and penalties. Missing an RMD incurs a 50% penalty—plan wisely!

Tips are taxable. Employees should report and record cash and non cash tips for tax returns. Learn more.

File early to protect against tax identity theft and get a faster refund. Deadline: April 15 for individuals, March 17 for S-Corps/Partners.

Did you know? Medicare premiums depend on your income. Manage your MAGI via tax strategies to reduce future costs. Read more.

2025 inflation adjustments mean higher tax breaks, more retirement savings, larger FSAs, and bigger gift tax limits to save you money.

Boost 401(k) savings in 2025: $23,500 limit, $31,000 for 50+, $11,250 catch-up for 60-63. Choose tax-deferred or tax-free growth!

Boost employee benefits with 401(k)s, SEP-IRAs, or SIMPLE IRAs—each offers unique perks, limits, and tax advantages for growing businesses.

Self-employment tax is 15.3%, paid quarterly. Learn what to expect & consult a VAAS Tax Professional to manage taxes.

Claim IRA tax credits: 30% for energy upgrades, $7,500 for EVs, $1,000 for chargers. Act by Dec. 31; changes may end these perks.

IRS raises 2025 retirement limits: 401(k) to $23,500, higher catch-up for ages 60–63. SIMPLE & SEP limits increase, IRA stays at $7,000.

The 2025 Social Security wage base rises to $176,100. Prepare for payroll tax changes. Contact us for help with compliance and planning.

TCJA limits vehicle deductions however, self-employed CAN claim work miles, while others can only claim medical, charity, & military moves.

As 2024 comes to an end, consider tax free gifts to reduce taxes. Couples can give $36K ($18K for singles). 'Tis the gift giving season.

529 plans offer tax-free growth for education savings, covering K-12 and college costs. Withdrawals are tax-free for qualified expenses.

To deduct losses, you must prove your business is not a hobby. Profit intent must be shown through records, time, and expertise. Contact us

Separating real estate ownership from your business may reduce double taxation and boost asset protection. Contact us to learn more.

EAPs support employees’ mental health but may require ERISA, COBRA, HIPAA, or ACA compliance. Legal guidance helps ensure full compliance.

Remote work can cause double taxation and multi-state tax obligations. Employees and employers must be aware of these potential tax issues.

Selling real estate? You may owe up to 25% in taxes, plus 3.8% NIIT. Rules are complex—contact us with questions and we'll guide you!