Taxes
Latest in Taxes
SIMPLE IRA Early Withdrawals: 25% Penalty in First 2 Years
Retirement withdrawal rules are unchanged for 2024–2025: most distributions before 59½ face a 10% penalty, but SIMPLE IRA withdrawals within…
Roth IRA Qualified Distributions: Five-Year Rule and Exceptions
IRS reaffirmed Roth IRA rules for 2024–2025: qualified distributions need a 5-year period plus a qualifying event. Non-qualified withdrawals follow…
Self-Employment Tax Essentials: Rates, Deductions, and Filing Basics
Pay self-employment tax if net self-employment earnings reach $400, using Schedule C and Schedule SE; SE tax is 15.3% (2024…
Avoiding the 6% IRA Excess Tax: Timely Withdrawals and Reporting
Correct excess IRA or HSA contributions before the tax return due date (including extensions) by removing the excess and earnings…
Key Exceptions for Distributions from Qualified Plans and IRAs
Early retirement distributions before 59½ may incur a 10% tax, but statutory exceptions—such as medical expenses over 7.5% of AGI,…
Understanding the 2025 AMT: Exemptions, Phaseouts, and Rates
The 2025 AMT applies to taxpayers with large SALT, ISO adjustments, or depreciation differences; exemptions are inflation-indexed ($137,000 MFJ). Compute…
Trump Administration Halts IRS Crackdown on Major Tax Shelters
Mid‑2025 directives shifted the IRS from aggressive shelter enforcement to customer service and voluntary compliance. A July 2025 law cut…
QBI Deduction 2025: When to Use Form 8995 vs 8995-A
For 2025, the Section 199A QBI deduction remains available through Dec 31, 2025. Compute AGI first, then use Form 8995…