Ensure you’re properly documenting your charitable donations
If you’re charitably inclined and itemize deductions, you may be entitled to deduct charitable donations. The key word is “may” because there are requirements you must meet. Contact the estate planning advisors at SEK with questions.
Don’t let fraudsters ruin the most wonderful time of the year
The hubbub of the year-end giving season, combined with holiday absences, can make your nonprofit vulnerable to fraud. Read below for tips on preventing fraud in your nonprofit this holiday season or contact the nonprofit advisors at SEK with questions.
The amount you and your employees can save for retirement is going up slightly in 2025
How much can you and your employees contribute to your 401(k)s next year? The IRS recently announced the 2025 cost-of-living adjustments. Read here for the 2025 401(k) contribution limit, the catch-up contribution limit for employees who are age 50 or over and participate in 401(k), and there will be a new catch-up contribution amount for taxpayers age 60, 61, 62 or 63. Contact the tax advisors at SEK with questions.
Federal judge blocks overtime rule nationwide
On November 15, 2024, a federal judge in Texas invalidated the United States Department of Labor’s (DOL) rule that raised the minimum salary levels under the Fair Labor Standards Act (FLSA) “white collar” exemptions.
Top 5 ways to show appreciation
In today's fast-paced work environment, employee appreciation is no longer just a “nice to have” — it is essential. Appreciation boosts morale, increases loyalty, and creates a culture of positivity that improves productivity.
Understand your spouse’s inheritance rights before getting remarried
If you’re getting remarried, you may have different expectations than you did during your first marriage when it comes to estate planning. State laws and property rights might affect your estate plans. Contact the estate planning advisors at SEK for additional details.
The “nanny tax” must be paid for more than just nannies
As a household employer, it’s critical to understand your “nanny tax” obligations. Hiring a household worker who isn’t an independent contractor may make you liable for federal income tax, Social Security and Medicare (FICA) tax, federal unemployment tax and possibly state tax. Contact the CPAs and tax advisors at SEK with you tax questions.
Traveling for business? What can you deduct?
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Contact the CPAs and tax advisors at SEK to get the most of your tax deductions and remain compliant.
2024 Year-End Year-Round Tax Planning Guide
At SEK, we are dedicated to helping you maximize your income through a variety of tax-saving strategies. We are excited to share our 2024 Year-End Year-Round Tax Planning Guide, which includes: 2025-2025 tax brackets, strategies for individual taxpayers, and opportunities for business owners.
2025 Cost of Living Adjustments
The IRS recently released the 2025 cost of living adjustments for retirement plans and related items. Use the chart below to view the adjustments, or view a printable version.