The IRS in Revenue Ruling 2025-05 has issued the various prescribed rates for federal income tax purposes. What Is the Applicable Federal Rate (AFR)? The applicable federal rate (AFR) is the minimum interest rate that the Internal Revenue Service (IRS) allows for private loans. Each month the IRS publishes a set of interest rates… Read More
The Internal Revenue Service announced on November 18, 2024 that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates: 7% for overpayments (payments made in excess of the… Read More
On November 1, 2024, the IRS announced the 2025 retirement contribution limits to reflect the change in the headline consumer price index for regular and Catch-up contributions. Catch-up contributions are for those aged 50 or older. 2024 2025 Increase 401k $23,000 $23,500 $500 Catch-Up $7,500 $7,500 $0 Traditional IRA $7,000 $7,000 $0 Roth… Read More
The Social Security Administration (SSA) announced Cost-of-Living Adjustment (COLA) Information for 2025. Social Security and Supplemental Security Income (SSI) benefits for more than 72.5 million Americans will increase 2.5 percent in 2025. The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments… Read More
On December 19, 2024, the IRS issued in Notice IR 2024-312 the 2025 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2025, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)… Read More
We are pleased to announce that our website has been upgraded. You can now make payments for all invoices on the “Make a Payment” page. In addition to accepting VISA, MasterCard, Discover, and bank debit cards, you may now pay your invoices using an e-Check.… Read More
The Internal Revenue Service announced on August 21st that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here’s a complete list of the new rates: 8% for overpayments (payments made in excess of…… Read More
On November 1, 2023, the IRS announced the 2024 retirement contribution limits to reflect the change in the headline consumer price index for regular and Catch-up contributions. Catch-up contributions are for those aged 50 or older. 2023 2024 Increase 401k $22,500 $23,000 $500 Catch-Up $7,500 $7,500 $0 Traditional IRA $6,500 $7,000 $500 Roth… Read More
Click on the link below to view our easy-to-understand fact sheets, newsletters, & worksheets: Tax Info… Read More
Several years ago, we warned our clients to beware of emails claiming to be from the IRS, because the IRS does NOT communicate with taxpayers via email. Emails with the IRS logo do not make them legitimate. The scams are still going on. If you get an email that appears to be from the IRS… Read More