Taxes
Latest in Taxes
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…
Tax hurdles and rupee fears: European NRIs split on India investments
NRIs in Europe must balance taxes, rupee swings, and compliance when investing in India. Use NRE for repatriable, tax-free interest;…
Workers’ Compensation and Injury Payments: What Is Tax‑Exempt
Updated August 16, 2025: Workers’ compensation, compensatory damages for physical injury, and qualifying life insurance proceeds are generally tax‑free. Keep…
2023 Foreign Earned Income and Housing Exclusions: Rules and Limits
Americans abroad can exclude up to $120,000 (2023) of foreign earned income using Form 2555 if they have a foreign…