New business owners can deduct up to $5,000 in startup and organizational costs, but only if total expenses stay under $50,000. Any remaining costs must be amortized over 15 years, and deductions can only begin once the business is actively operating.
Read MoreFind all of our latest news about the proposed One, Big, Beautiful Bill Act in one place.
Read MoreAvoiding probate in estate planning is crucial for ensuring a smoother and more efficient transfer of assets to beneficiaries. It helps to minimize legal costs, reduce delays, and maintain privacy for the estate and its heirs.
Read MoreA recent U.S. Tax Court case highlights how poor documentation can lead to the disallowance of business expense deductions, including meals, supplies, and home office costs.
Read MoreQualified Charitable Distributions (QCDs) allow individuals 70½ or older to make tax-efficient donations directly from their IRAs to nonprofits, helping satisfy required minimum distributions while reducing taxable income. Recent updates under the SECURE 2.0 Act have expanded QCD limits and introduced new giving options offering donors more flexibility and nonprofits greater fundraising potential.
Read MoreQualified Charitable Distributions (QCDs) allow individuals aged 70½ or older to transfer funds directly from their traditional IRAs to qualified nonprofits, satisfying required minimum distributions (RMDs) while excluding the amount from taxable income. For 2025, individuals can contribute up to $108,000 annually ($216,000 for eligible couples), offering a tax-efficient giving strategy, especially for those who don’t itemize deductions.
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