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New option for unused funds in a 529 college savings plan
It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.
If you didn’t contribute to an IRA last year, there’s still time
Saving now for retirement is one of the smartest moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2023 tax return.
Small businesses can help employees save for retirement, too
Nowadays, even small businesses are often expected to help employees save for retirement. The good news is there are some relatively easy ways to do so.
IRAs: Build a tax-favored retirement nest egg
How much can you save in an individual retirement account this year and when do you have to start making withdrawals? Here are the answers to these and other IRA questions.
Should your business offer emergency savings accounts?
There’s a new fringe benefit your business may want to offer your employees: pension-linked emergency savings accounts. Here’s how they work.
If you have charitable contributions, make sure you have substantiation
Did you make a charitable gift last year and are hoping for a tax break when you file your return? Here are the donation rules to secure a deduction.
Update on IRS efforts to combat questionable ERC claims
Aggressive marketing encouraging businesses to claim the pandemic-related Employee Retention Credit led to many taxpayers erroneously receiving refunds. The IRS has a program that allows them to come forward and repay part of the money before collection efforts begin.
Answers to your tax season questions
When will my 1099 forms arrive and when is the best time to file my tax return? Here’s the answer to these and other tax season questions you may have.
You may qualify for a tax credit for employees who receive tips
If you’re a restaurant owner with employees receiving tips, you may qualify for a lucrative tax break.
How to claim a medical expense tax deduction
Out-of-pocket medical expenses can cost you a bundle. Can you deduct these expenses on your tax return? The requirements and limits may make it difficult. Here are the rules.
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