Explore two popular retirement plans, SEP IRA and Solo 401(k), for the self-employed in this overview, focusing on their benefits, drawbacks, and the strategic considerations for choosing between them. Learn...
Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the...
Discover how the IRA's expanded energy tax credits offer substantial incentives for a range of projects, from solar power to energy storage. Delve into the specifics of these credits and...
© 2023Individual taxpayers are potentially liable for the net investment income tax (NIIT) if their modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 for joint filers and qualifying widows or...
© 2023Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds are popular alternatives, but...
© 2023Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax...
© 2023Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy...
Authored by RSM US LLP, December 22, 2023On Dec. 21, 2023, the IRS announced the details of an anticipated employee retention credit Voluntary Disclosure program (ERC-VDP) for employers who claimed and received an ERC...