Top of the News
Healthy savings: How tax-smart HSAs can benefit your small business and employees
(Date posted: December 6, 2024)
As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. You may already have an HSA. It’s a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025.
Senior tax-saving alert: Make charitable donations from your IRA
(Date posted: December 4, 2024)
If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages.
Self-employment tax: A refresher on how it works
(Date posted: November 21, 2024)
If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you.
Get tax breaks for energy-saving purchases this year because they may disappear
(Date posted: November 19, 2024)
The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late.
On the campaign trail, President-Elect Donald Trump pledged to “terminate” the law and “rescind all unspent funds.” Rescinding all or part of the law would require action from Congress and is possible when Republicans take control of both chambers in January. The credits weren’t scheduled to expire for many years, but they may be repealed in 2025 with the changes in Washington.
If you’ve been thinking about making any of the following eligible purchases, you may want to do it before December 31.
