Retirement may seem far off, but smart saving now can make all the difference—and a 401(k) is one of the best ways to do that. If your employer offers a 401(k) or Roth 401(k), contributing as much as you can in 2025 is a smart way to build your nest egg. If you’re not already […]

With nationwide gas prices higher than a year ago, it’s good news that the 2025 optional standard mileage rate for business vehicle use has increased too. The IRS recently announced that the cents-per-mile rate for operating a car, van, pickup, or panel truck will be 70 cents in 2025, up from 67 cents per mile […]

U.S. Treasury savings bonds offer security, simplicity, and government backing but also have tax implications. Like any interest-bearing investment, understanding how they’re taxed can help you maximize your savings.  Understanding deferred interest on Series EE Bonds Series EE Bonds earn interest differently depending on when they were purchased. Bonds issued since May 2005 have a […]

An advance health care directive allows you to outline your medical preferences in case you are ever incapacitated or unable to make decisions. These directives are often part of a comprehensive estate plan and might be called by different legal names depending on where you live.  Here’s a breakdown of some healthcare directives you should […]

Medicare health insurance premiums can be a significant expense—especially for high-income earners and married couples paying separately for coverage. Here’s what you need to know about how taxes factor in.  Medicare Part B: what it covers and who pays Medicare Part B, often called Medicare medical insurance, helps cover doctors’ visits and outpatient services. Most […]

If you own a growing, unincorporated small business, high self-employment (SE) tax bills might already be on your radar. The SE tax covers your contributions to Social Security and Medicare as a self-employed individual. SE tax basics The 15.3% SE tax rate applies to the first $168,600 of your 2024 net self-employment income. This rate […]

Patents, trademarks, copyrights and goodwill, are vital intangible assets in modern businesses. While their tax treatment can be complex, businesses need to have an understanding of the issues involved.  Here are answers to some common questions about these assets. What are intangible assets? The term “intangibles” covers a wide range of items and determining whether […]

The clock is ticking on the federal gift and estate tax exemption ($13.61 million for 2024). Unless Congress steps in, the amount will drop to an inflation-adjusted $5 million in 2026. Now’s the time to make impactful gifts to loved ones and shrink your taxable estate before the window closes.  Certain hard-to-value gifts, like interests […]

Choosing the right business structure is a pivotal decision, and a C corporation is one option that comes with its own set of advantages and disadvantages. This structure can have a notable impact on how your business operates and its financial health.  Let’s break down the key benefits and drawbacks of operating as a C […]