Tip Income is Taxable and Must Be Reported

This article was published by the IRS. People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it's important for people working in these areas to understand important details involving tips. What are tips? Tips are optional cash or noncash payments [...]

IRS Increases the Standard Mileage Rate for Business Use in 2025; Key Rate Increases 3 Cents to 70 Cents Per Mile

This article was published by the IRS. The Internal Revenue Service has announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard milage rates are used to calculate the deductible [...]

Digital Assets: Existing and New Reporting Requirements

Those who use digital assets may be wondering what their reporting requirements are come tax filing season. This 75-minute IRS webinar covers both existing and new reporting requirements so you can get all your questions answered. If you have any additional questions, please reach out to our office and we'll walk you through the answers.

401(k) Limit Increases to $23,500 for 2025, IRA Limit Remains $7,000

This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for [...]

Employer Educational Assistance Programs Can Still Be Used to Help Pay Off Workers’ Student Loans through Dec. 31, 2025

This article was published by the IRS. The Internal Revenue Service has issued a reminder that employers who offer educational assistance programs can also use them to help pay for their employees’ student loan obligations through Dec. 31, 2025. Though educational assistance programs have been available for many years, the option to use them to pay [...]

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