Category: Taxes – Individuals
-
What You Need to Know About the New Tip & Overtime Deductions for 2025
In late 2025, the IRS issued several important Notices providing guidance on how employees, gig workers, and employers should handle tips and overtime pay for the 2025 tax year. These deductions—created under the One Big, Beautiful Bill Act—will impact millions of U.S. workers. Below is a clear breakdown of what the new deductions are, what…
-
Who Qualifies as an Accredited Investor? A Look at How the SEC’s Definition Has Evolved
An accredited investor is someone the SEC considers financially sophisticated enough to invest in private offerings—such as private equity, hedge funds, or venture capital—without the full disclosure protections required for public investments. The concept didn’t exist until 1982, when the SEC introduced it under Regulation D, Rule 501(a) to streamline capital raising while ensuring only…
-
Early Withdrawals from your tax-deferred account
If you’re under age 59½ and withdraw money from a traditional IRA, the distribution will generally be taxable, and it may also be subject to a 10% early withdrawal penalty. However, understanding how withholding works, and when exceptions apply, can help you avoid surprises. Income Taxes vs. Withholding It’s important to distinguish between: These are…
-
Transition Relief for Businesses Reporting Car-Loan Interest (OBBBA)
Today the Department of the Treasury and the Internal Revenue Service provided transitional guidance for businesses required to report car loan interest under the One, Big, Beautiful Bill. Notice 2025-57 provides penalty relief and guidance to certain lenders for new information reporting requirements for car loan interest received in 2025 under the OBBB. Under this guidance, the…
-
What to Do When You’re Strapped for Cash: Smart Steps for Handling Emergencies
We can’t always be prepared for emergencies or unforeseen circumstances. The idea of finding cash can be stressful which often leads to costly mistakes if actions are taken without considering all your options. Below is a guide you should consider if you are strapped for cash: Cash Distribution Guide Emergency checking or savings accounts: If…