Featured Articles & Tax Tips Blog
Welcome to the CPA Advisory Group’s Featured Articles Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
IRS raises ABLE account contribution limit to $19,000 for 2025
From Disability Scoop — By Michelle Diament — Starting this month, individuals with disabilities can accrue more money than ever before in a special ABLE account that allows people to save without jeopardizing access to Medicaid and other government benefits....
Know a W-9 from a 1099? Here are the forms you’ll need to file taxes in 2025
From USA Today — By Daniel de Visé and Elisabeth Buchwald — Tax Day is approaching, and soon it will be time to begin assembling forms. If you haven't looked at them yet, all those numbers and letters – W-2, W-9, 1099 – can easily overwhelm you. Some forms...
9 ways retirement will be different in 2025
How changes in Social Security, Medicare, 401(k) contributions and more will affect your finances. From AARP — By Andy Markowitz — Retirement is not static. Even when the kids are gone and the career is done, your lifestyle and expectations are constantly...
IRS releases tax inflation adjustments for tax year 2025
For married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024. From the IRS — WASHINGTON — The Internal Revenue Service recently announced the annual inflation adjustments for tax year 2025. Revenue Procedure...
Paid through Venmo, CashApp, or PayPal in 2024? The IRS will know
If you receive work income through Venmo or a similar payment platform, new IRS regulations enforce reporting it. From ZD Net — By Artie Beaty — Payment platforms like Venmo and CashApp have become the easiest way to send money to someone over the past few years, but...
This ‘bucket strategy’ could lower your taxes in retirement — here’s how to maximize it
From CNBC — By Kate Dore — Many retirees don’t think about taxes until it’s time to withdraw funds from a pretax account, which can be a costly mistake, financial experts say. Only 3 in 10 Americans have a plan to reduce taxes on retirement savings, according to a...
IRS ruling on one company’s 401(k) match may change the way Americans apply contributions
But is it a good idea to pay off debt — or just an easy way to drain savings? From Moneywise — By Christy Bieber — What if you had the flexibility to choose how to use your 401(k) match? One company has just started allowing it. The Internal Revenue Service (IRS)...
Reminder: The clock is ticking on mandatory BOI Reports
The CPA Advisory Group can file for you A reminder for our clients, especially our small business owners: The clock is ticking for U.S. companies to file the new Beneficial Ownership Information Report with the federal government. It is anticipated that 32.6 million...
401(k) limits, ‘super catch-up’ contributions, increase in 2025
From USA Today – By Medora Lee – Americans will be able to sock away more in their workplace retirement plans, before taxes, in 2025, with 'super catch-up' contributions allowed for those aged 60-63 also increased. The IRS said on Friday, Dec. 1, that it...
Power off your phone at least once a week, the NSA advises
From ZD Net – By Lance Whitney – Turning off your phone regularly is one of the NSA's top cybersecurity recommendations. Here's why and what else to know. Your pricey smartphone can be hit by many security threats, from phishing to malware to spyware. All it takes is...
Dimon: ‘Buffett Rule’ approach to taxing the wealthy could solve U.S. debt problem
From Business Insider– By Filip De Mott – JPMorgan CEO Jamie Dimon has put forth a solution to unrestrained US debt: Tax the rich at the same rate as middle-class people, or at a higher rate. The bank executive told "PBS News Hour" in August that the country could...
How the election results will raise or lower your taxes
From The Wall Street Journal – By Richard Rubin – WASHINGTON—Taxes could go up, down or completely sideways next year, depending on which political party controls which parts of the government after the November elections.From The Wall Street Journal – By Richard...