Blog categorized as Uncategorized

Trump's Tax Reform impacts returns by increasing standard deductions, removing exemptions, capping local tax deductions, limiting mortgage interest deductions, reducing medical expense deduction thresholds, and suspending miscellaneous deductions. Consult a CPA for personalized guidance.

The blog lists common tax forms like W-2, 1099-MISC, 1099-DIV, 1099-INT, and K-1, and advises bringing relevant documents for your tax interview.

If your business has a net loss, you may qualify for a Net Operating Loss (NOL) to offset future taxable income. Loss deductions vary by business type, with sole proprietors and pass-through entities reporting losses on personal returns. At-risk and passive activity rules may limit deductions.

In 2025, 401(k) contributions rise to $23,500, with higher catch-up limits for ages 60-63. Employers must auto-enroll new hires at 3-10%. A new IRS ruling may allow matches to go toward student debt or HRAs. These changes aim to boost retirement savings and flexibility.