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...
by idei | Oct 30, 2024 | TaxBiz
The IRS is striving to limit the number of audits for taxpayers with incomes below $400,000; however, specific aspects of their tax returns may still attract attention, irrespective of their income level. The Treasury Inspector General for Tax Administration (TIGTA)...
by idei | Oct 24, 2024 | TaxBiz
The deadline for filing taxes in 2023 was April 15, 2024. While many Americans received refunds, the percentage of individuals who owe the Internal Revenue Services (IRS) has steadily increased over the years, rising from approximately 39% in 2021 to 43% in 2023,...
