Recent News & Blog / Individual Tax
Senior tax-saving alert: Make charitable donations from your IRA
Are you age 70½ or older and want to give to charity? You can make cash donations directly from your IRA to IRS-approved charities free of federal income tax with qualified charitable distributions (QCDs). Contact the tax advisors at SEK with questions.
Healthy savings: How tax-smart HSAs can benefit your small business and employees
As a small business owner, managing health care costs for yourself and your employees is challenging. So you may want to provide some benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs are a tax-advantaged way to set aside funds (or have their employers do so) to meet medical needs. Contact the business advisors at SEK with questions.
To file or not to file a gift tax return, that is the question
If you made substantial gifts of wealth to family members in 2024, you may have to file a gift tax return. The return is due by April 15 of the year after you make the gift, so the deadline for 2024 gifts is coming up soon. Contact the CPAs and tax advisors at SEK for more details.
How inflation will affect your 2024 and 2025 tax bills
Inflation has slowed down considerably in the last couple of years. What does this mean for your federal tax bill? Here are the inflation-adjusted amounts for several provisions in 2025, compared to 2024. Contact the CPAs and tax advisors at SEK with questions.
Get tax breaks for energy-saving purchases this year because they may disappear
The Inflation Reduction Act created several tax credits to promote clean energy. You may want to take advantage of them before it’s too late as the law may be repealed in 2025. Contact the CPAs and tax advisors at SEK before making a large purchase to check if it’s eligible.
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.
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.
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.
You don’t have to be in business to deduct certain vehicle expenses
Business driving may come to mind when you think about tax deductions for vehicle-related expenses. However, individuals may also be able to deduct them in certain circumstances. Questions? Contact the tax advisors at SEK.