The Internal Revenue Service have issued guidance for workers eligible to claim the deduction for tips and for overtime compensation for tax year 2025. Specifically, the IRS clarified for workers how to determine the amount of their deduction without receiving a separate accounting from their employer for cash tips or qualified overtime on information returnsRead more about Guidance for People Who Received Tips or Overtime Pay in 2025[…]
Month: November 2025
Increased Limits for 401(k) and IRA Plans
The Internal Revenue Service has announced that the amount that individuals can contribute to their 401(k) plans, 403(b) plans, governmental 457 plans, and the federal government’s Thrift Savings Plan plans in 2026 has increased to $24,500, up from $23,500 for 2025. The limit on annual contributions to an IRA is increased to $7,500 from $7,000.Read more about Increased Limits for 401(k) and IRA Plans[…]