by idei | Dec 4, 2024 | TaxBiz
The Internal Revenue Service (IRS) has announced new federal tax brackets for 2025, reflecting adjustments for inflation. The standard deduction will rise to $30,000 for married couples filing jointly and $15,000 for individual taxpayers. Additionally, there will be...
by idei | Nov 27, 2024 | TaxBiz
Establishing a Roth IRA for young children is a strategic approach to fostering their financial well-being and can provide significant benefits. As of 2024, individuals under the age of 50 can contribute a maximum of $7,000 to any IRA, including Roth and traditional...
by idei | Nov 21, 2024 | TaxBiz
There are several retirement plans for small businesses, ranging from one to many employees. At Wave Tax, we offer a variety of options to help you determine the most suitable plans for you and your business. Let’s explore these choices. • Individual 401(k) Plan:...
by idei | Nov 12, 2024 | TaxBiz
The IRS is currently developing strategies to reduce the likelihood of increased audits for taxpayers earning below $400,000. However, specific elements on a tax return can still attract attention, regardless of income. A recent report from the Treasury Inspector...
by idei | Nov 5, 2024 | TaxBiz
Residing or retiring outside the United States does not exempt you from filing U.S. taxes. 📌 Here are some important aspects of tax responsibilities to consider: The United States is one of only two nations globally that imposes taxes on the worldwide income of its...
