Resources For Individual Taxpayers
COVID-19 RESOURCE CENTER
It’s not too late to trim your 2024 taxes
As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. Indeed, many of the Tax Cuts and Jobs Act (TCJA) provisions are set to expire at the end of...
Federal court rules against DOL’s “white collar” overtime rule
A federal district court judge has struck down the Biden administration’s new rule regarding the salary threshold for determining whether certain employees are exempt from federal overtime pay requirements. The first phase of the rule took effect for most employers in...
How much can you contribute to your retirement plan in 2025? The IRS just revealed the answer
The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the previous year. Take these...
How will the 2025 inflation adjustment numbers affect your year-end tax planning?
The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the previous year. Take these...
Make year-end tax planning moves before it’s too late!
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You...
Taxes take center stage in the 2024 presidential campaign
Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates’ platforms, including their tax proposals. The details can be hard to come by — and additional proposals continue to emerge...
Federal court rejects FTC’s noncompete agreement ban
In April 2024, the Federal Trade Commission (FTC) approved a final rule prohibiting most noncompete agreements with employees. The ban was scheduled to take effect on September 4, 2024, but ran into multiple court challenges. Now the court in one of those cases has...
How renting out a vacation property will affect your taxes
Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The...
IRS issues final regulations on inherited IRAs
The IRS has published new regulations relevant to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. The final regs, which take effect in 2025, require many beneficiaries to take...
SECURE 2.0: Which provisions went into effect in 2024?
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years...
DunlapSLK Volunteers at Feed My Starving Children MobilePack
DunlapSLK team members volunteered to hand pack meals at Feed My Starving Children (FMSC) MobilePack event. On May 20 thirty-six of our team members joined teams of other local volunteers to hand-pack meals at the Feed My Starving Children (FMSC) MobilePack event,...
IRS issues guidance on tax treatment of energy efficiency rebates
The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adoption of a range of energy efficient improvements. In particular, the law includes funding for nearly $9 billion in...
Keep these 3 issues in mind after you file your return
The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in...
President Biden’s proposed budget highlights his tax agenda
President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of...
Filing jointly or separately as a married couple: What’s the difference?
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing...
If you didn’t contribute to an IRA last year, there’s still time
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up...
New option for unused funds in a 529 college savings plan
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free....
IRAs: Build a tax-favored retirement nest egg
Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t...
The standard business mileage rate goes up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business went up by 1.5 cents per mile in 2024. The IRS announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67...
Take action now to reduce your 2023 income tax bill
A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good...