by idei | Dec 27, 2024 | TaxBiz
Most people think of using their Flexible Spending Account (FSA) funds for medical treatment and material goods, but medically eligible expenses can also include a Service Animals. If your furry friend is part of a medical treatment strategy, some of the associated...
by idei | Dec 17, 2024 | TaxBiz
A self-employed 401(k) plan, also known as an individual 401(k) plan, serves as a retirement savings option for small business owners without employees, aside from a spouse. This makes it an ideal choice for sole proprietors, independent contractors, partnerships, and...
by idei | Dec 10, 2024 | TaxBiz
The Internal Revenue Service (IRS) revealed an increase in the estate and gift tax exemption for the year 2025. The “basic exclusion amount” will rise to $13.99 million per individual in 2025, up from $13.61 million in 2024, according to the agency. These exemptions...
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...
