Dec 11, 2024 | News to Note
For married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024. From the IRS — WASHINGTON — The Internal Revenue Service recently announced the annual inflation adjustments for tax year 2025. Revenue Procedure...
Dec 4, 2024 | News to Note
If you receive work income through Venmo or a similar payment platform, new IRS regulations enforce reporting it. From ZD Net — By Artie Beaty — Payment platforms like Venmo and CashApp have become the easiest way to send money to someone over the past few years, but...
Nov 27, 2024 | News to Note
From CNBC — By Kate Dore — Many retirees don’t think about taxes until it’s time to withdraw funds from a pretax account, which can be a costly mistake, financial experts say. Only 3 in 10 Americans have a plan to reduce taxes on retirement savings, according to a...
Nov 20, 2024 | News to Note
But is it a good idea to pay off debt — or just an easy way to drain savings? From Moneywise — By Christy Bieber — What if you had the flexibility to choose how to use your 401(k) match? One company has just started allowing it. The Internal Revenue Service (IRS)...
Nov 13, 2024 | News to Note
KM&M can file for you A reminder for our clients, especially our small business owners: The clock is ticking for U.S. companies to file the new Beneficial Ownership Information Report with the federal government. It is anticipated that 32.6 million businesses are...
Nov 6, 2024 | News to Note
From USA Today – By Medora Lee – Americans will be able to sock away more in their workplace retirement plans, before taxes, in 2025, with ‘super catch-up’ contributions allowed for those aged 60-63 also increased. The IRS said on Friday, Dec. 1,...
