Taxes
Tax Central: Your essential source for the latest in tax laws, filing tips, and deductions. Ideal for navigating complex tax requirements with ease.
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 + rate)). A 25% plan rate equals a 20% owner rate.…
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…
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…
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…
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…
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;…
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…
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…
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,…
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…