Health Savings Accounts (HSAs) can help offset some of the ever-escalating costs of healthcare. For those who qualify, HSAs provide a tax-advantaged way to save funds for future medical expenses. Here are the key tax benefits: Contributions to an HSA are tax-deductible, subject to certain limits. Contributions made by your employer are not taxable [...]
The question of whether a vehicle can be deducted in a trade or business often arises. There are specific limitations that can make the depreciation of a car or SUV take longer compared to other business assets. Firstly, you have the option of either taking the standard business mileage deduction or actual expenses. If [...]
The Missouri Agricultural and Small Business Development Authority (MASBDA) will start accepting applications for the Missouri Beginning Farmer Tax Deduction Program on August 1, 2024. Deductions for Farm Sales to beginning farmers: Farm owners can qualify for a deduction on their Missouri adjusted gross income based on income from selling or renting/leasing farmland to [...]
The IRS has published new regulations relevant to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. The final regs, which take effect in 2025, require many beneficiaries to take annual RMDs in the 10 years following the deceased’s death. SECURE Act ended stretch [...]
You might be eligible for a credit related to the Social Security and Medicare taxes (FICA taxes) you pay on your employees' cash tips. This credit applies to tips your employees receive from customers for food or beverages, regardless of whether they are consumed on or off the premises. Although customers pay these tips [...]
