Taxes
Latest in Taxes
How Self‑Employed Taxpayers Compute Compensation for SEP Contributions
For 2025 SEP calculations, reduce net self‑employment earnings by 7.65% employer‑equivalent tax, then apply adjusted rate (rate ÷ (1 +…
2025 SIMPLE Plan Limits: $16,500 Base and SECURE Act Increases
For 2025, SIMPLE plans get higher deferral limits: $16,500 base, $3,500 catch-up (50+), and a $5,250 special catch-up (60–63). Small…
Health Savings Account (HSA) Basics: Eligibility, Contributions, Limits
Contribute only if you had an HSA-eligible HDHP on the first day of the month, no other disqualifying coverage, no…
2025 SEP IRA Limits: 25% of Net Earnings or $70,000
For 2025 the IRS raised the SEP-IRA limit to $70,000 and the compensation cap to $350,000; contributions must be cash,…
Self‑Employed Retirement Plan Contributions: SEP, SIMPLE, Qualified Plans Explained
2024 rules cap defined contribution additions at the lesser of 100% of net self‑employment earnings or $66,000; SEP rises to…
2025 Rules: Deduct Half Self-Employment Tax on Schedule 1
In 2025 self‑employed taxpayers can deduct 50% of Self‑Employment Tax and use Form 7206 for health insurance deductions; both reported…
U.S. 50% Tariff on Indian Goods Starts Aug 27; Three Exemptions
The U.S. imposed a 50% tariff on many Indian imports effective Aug 27, 2025. A narrow in-transit carveout applies only…
OPT program under attack as lawmakers push termination and tighter rules
OPT remains active but faces major threats in 2025: H.R. 2315 would abolish OPT; the DIGNITY Act would end FICA…