While you can save quite a lot in a 401(k) every year, you can’t contribute an unlimited amount: The IRS sets clear guidelines for 401(k) contribution limits each year that you and your employer must stick to. 401(K) CONTRIBUTION LIMITS FOR 2023 The 401(k) contribution limit for 2023 is $22,500 for employee contributions and $66,000 […]
List of Business Expense Categories The IRS says a business expense must be ordinary, necessary and directly related to running a company to be deductible. Most small business expenses fall into specific categories. Schedule C, the IRS form which sole proprietors use to report their income, has a business expenses list with 20 broad categories […]
2023 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households Use the tables below to find your 2023 tax brackets The income limits for all 2023 tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). There are seven federal […]
Tax-free distributions for qualified education expenses Tax breaks from federal and some state governments Age-based and flexible investment options No income-based restrictions Prepaid tuition for some colleges Ability to use funds at various education institutions, including apprenticeship programs and trade schools High contribution limits Low setup costs Parents are always inquiring about higher education for […]
Don’t overpay taxes by overlooking these tax deductions. See the 10 most common deductions taxpayers miss on their tax returns so you can keep more money in your pocket. Gambling losses: If you have incurred gambling losses, you can deduct them from your taxes, but only up to the amount of your winnings. Out-of-pocket charitable […]
You just received a notice from the IRS that your tax return has been selected for audit. But the real kicker is the IRS auditor’s request to interview you, face-to-face, possibly at your home or office. IRS auditors like to move fast, and your letter probably has a date and selected for the interview. There […]
Farmers and ranchers should be aware of changes in how they depreciate their farming business property. These changes took effect in 2018 as a result of tax reform legislation passed in December 2017. Depreciation is an annual income tax deduction that allows a taxpayer to recover the cost or other basis of certain property over […]