SEP IRA in 2024: A Top Retirement Savings Plan for Small Businesses
For small businesses and self-employed individuals, the Simplified Employee Pension (SEP) IRA continues to be one of the most powerful
Continue readingAuthor: Jong Yoon, CPA
Understanding the Insolvency Exclusion for Debt Cancellation
What is Insolvency? In simple terms, insolvency means that a business owes more money than it has in assets. Think
Continue readingIRS free tax filing program launches in 12 pilot states.
The Internal Revenue Service’s new free online tax-filing system (IRS Direct File)—is now open round-the-clock to all eligible taxpayers after a
Continue readingSolo 401(k) Plans: A Powerful Retirement Tool for the Self-Employed
For self-employed Americans, solo 401(k) plans offer a robust path to a secure retirement, combining high contribution limits with flexible
Continue readingStates With No Income Tax
As of 2023, nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — do
Continue readingForm 1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
When you take money out of your HSA (Health Saving Account) for any reason, the HSA trustee or custodian must
Continue readingHow soon can I file my 2023 tax return?
The 2024 tax season will begin on Jan. 29, the IRS announced. That means the agency will begin accepting and
Continue readingSection 199A dividend in Form 1099-DIV
Section 199A dividends are distributions from the profits of domestic real estate investment trusts (REITs) that qualify for a special
Continue readingForm 1099-S, Proceeds from Real Estate Transactions
When you sell your home, Federal tax law requires lenders or real estate agents to file a Form 1099-S, Proceeds
Continue readingMortgage Rates Hit 7.09%, Highest in More Than 20 Years
The average mortgage rate rose to 7.09%, its highest level in more than 20 years, according to data released Thursday
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