An IRA Withdrawal Strategy with Tax-Reducing Power
If you’re 70½ or older, you may want to make a qualified charitable distribution (QCD) from your IRA before year-end. Typically, distributions from a traditional IRA are taxable.
Are You Aware of the Business Credits and Other Tax Benefits Available?
Tax incentives and sales tax exemptions, can make a big difference. Unfortunately, these benefits often go unclaimed because businesses don’t know about them or erroneously think they’re ineligible.
Medicare Premiums May Lead to Tax Savings
Suppose you pay premiums for Medicare health insurance. In that case, you may combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return.
Get a Jump on Tax Planning
Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions.
Independent Contractors: Classify Carefully
Many businesses use independent contractors to help keep costs down and provide flexibility for short-term needs. However, whether a worker is an employee or an independent contractor is complex.
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