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Saving for College: Tax Breaks and Strategies Your Family Should Know

January 14, 2025

There are some tax-savvy ways to build education savings and pay for college. Here’s how to help maximize education funds and minimize financial stress.

The 2025 Limit on IRA Contributions is $7,000.

January 9, 2025

The 2025 limit on IRA contributions is $7,000. The IRA catch-up contribution limit for those age 50 or older is $1,000. You can claim a deduction for a traditional IRA if you meet certain conditions.

Maximize Your 401(k) in 2025: Smart Strategies for a Secure Retirement

January 7, 2025

In the new year, you may want to contribute new amounts to your employer’s 401(k) plan or Roth 401(k). Here are the contribution limits for 2025.

The IRS Has Issued the 2025 Cents-per-mile Rates That Can Be Used to Calculate Tax-deductible Vehicle Operating Costs.

January 2, 2025

On Jan. 1, 2025, the standard mileage rate business use of vehicles will go up 3 cents per mile from 2024's rate.

Savings Bonds and Taxes: What You Need to Know

December 31, 2024

Did you know that interest from U.S. savings bonds is taxed at the federal level but not at the state or local levels? Here’s a look at the tax implications of investing in savings bonds.

Can You Claim the American Opportunity Tax Credit (AOTC) or Lifetime Learning Credit (LLC) for Tuition Expenses?

December 26, 2024

If you pay tuition expenses by December 31st, you could secure a last-minute tax break if you're eligible. Learn more here.

The Tax Treatment of Intangible Assets

December 24, 2024

Properly managing the tax treatment of intangible assets is vital for businesses to maximize tax benefits and ensure compliance with tax regulations.

If You're 73 or Older, Time is Running Out to Take This Year's Required Minimum Distributions from Retirement Plans.

December 19, 2024

RMDs are subject to a 25% excise tax on the amount the taxpayer should have withdrawn if not withdrawn on time.

Drive Down Your Business Taxes with Local Transportation Cost Deductions

December 17, 2024

The average price of gas is down more than 20 cents per gallon from a year ago. That may affect the tax deductions for local transportation costs that your business can claim for 2024. Here’s what you can write off.

Federal Court Rules Against DOL’s “White Collar” Overtime Rule

December 12, 2024

A federal court has struck down a new rule regarding the salary threshold for determining whether employees are exempt from federal overtime pay requirements.

Beginning in 2024, Eligible Senior Taxpayers May Donate More from Their IRAs with Qualified Charitable Distributions (QCDs).

December 10, 2024

Owners or beneficiaries of IRAs who are 70½ or older can make QCDs directly to IRS-approved charities.

Indiana's New Sales Tax Exemption for Restaurant Utilities - Effective Jan. 1, 2025

December 9, 2024

Starting January 1, 2025, Indiana restaurants may be able to claim a 50% sales tax exemption on electricity usage without conducting a utility study. Here's more information.

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