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Tip and Overtime Tax Breaks Require Your AttentionHere's what you need to know about the new No Tax on Tips & No Tax on Overtime deductions for 2025.
What the New Tax Bill Means for ParentsThe One Big Beautiful Bill Act of 2025 contains a number of tax break for parents. Here's a summary of what's in the bill for families, including planning tips to make the most of each tax break.
Don't Forfeit Your Solo 401(k)A 401(k) plan is an excellent way for sole proprietors to pack away retirement funds. In addition to the maximum annual contribution amount allowed for your age, you can make matching contributions to your account.
Grants For Small BusinessesTo help you boost your business resources — or start a new business — in 2025, you may want to consider a small-business grant instead of a loan. Why?
The Real Price of School: What Back-to-School Lists Don't Tell YouHere's what your school's supply list doesn't tell you and how to stay ahead financially this upcoming school year.
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AUGUST 2025 Q & AQ: Is a gym membership a medical expense that can be paid by an HSA or FSA? A: Yes, but only if the membership was purchased for the sole purpose of affecting a structure or function of the body (such as a prescribed plan for physical therapy to treat an injury) or the sole purpose of treating a specific disease diagnosed by a physician (such as obesity,hypertension, or heart disease). Otherwise, the cost of a gym membership is for the individual's general health and is not a medical expense. Many health insurance policies offer gym membership benefits.
Net Unrealized Appreciation and Your 401(k)If your 401(k) plan account contains employer stock, the tax law’s net unrealized appreciation (NUA) provision may allow you to take advantage of potentially lower tax rates on the growth or unrealized appreciation of the stock. HOW IT WORKS Normally, distributions from a traditional 401(k) are taxed as ordinary income. Under the NUA provision, you can separate the appreciation of your employer stock from other assets in your 401(k) at retirement. When you eventually sell your stock, the NUA will be taxed at the generally lower long-term capital gains rate. You typically need to separate from your employer through retirement or other means and take a qualified lump-sum distribution of your entire plan balance to take advantage. HERE'S AN EXAMPLE Twenty years ago, Taylor received a $50,000 company stock 401(k) contribution. Today, upon her retirement, the stock is worth $200,000. Instead of rolling everything into an IRA, Taylor is taking a separate stock distribution. Ordinary income tax will be due only on the $50,000, while the $150,000 appreciation would be subject to capital gains tax when sold.* Your trusted professional can help determine whether this fits your broader retirement and investment strategy. *This is a hypothetical example and is not representative of any investment strategies. Actual results my vary. Identity Protection Pin (IP) From The IRSAn IP PIN is a six-digit number that helps prevent someone from filing a tax return using your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). The IP PIN is known only to you and the IRS and helps verify your identity when you file your tax return. The IP PIN is valid for one year, so each January you'll need a newly-generated IP PIN. Most taxpayers can obtain an IP PIN by applying at IRS.gov/getanippin. You must pass the identity proofing requirements. But if you can't successfully validate your identity through online means, you may apply with Form 15227. After you're assigned an IP PIN, it must be entered accurately on electronic and paper tax returns to avoid rejection and delays.
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