Is college financial aid taxable? A crash course for families
If your college student is fortunate enough to receive some financial aid, what are the tax implications? It depends. Gift aid, which is money that a student doesn’t have to work for, is often tax-free. But there are certain requirements. Contact our tax advisors with questions about what’s taxable and what’s not.
Stop procrastinating and get to work on your estate plan
For many people, creating an estate plan falls into the category of important but not urgent. As a result, it gets postponed indefinitely. However, not having an estate plan can have dire estate tax consequences in the event of your unexpected demise. Contact our estate planning advisors today to get started.
Nonprofits: Get the word out about IRA qualified charitable distributions
Qualified charitable distributions (QCDs) have been beneficial for donors and nonprofits for almost 20 years. Enhancements in the SECURE 2.0 Act have made QCDs even more appealing, but you may need to educate your supporters about them. Contact the CPAs and nonprofit advisors at SEK to learn more.
Keep these DOs and DON’Ts in mind when deducting business expenses
If you’re claiming business expense deductions for meals, a home office, vehicles and other items, the IRS may closely review them. It’s important to comply with the strict tax law substantiation requirements for these expenses. Contact our business tax advisors with business expense deductions questions.
How The One, Big, Beautiful Bill proposes to change the gift and estate tax exemption
Under the Tax Cuts and Jobs Act (TCJA), the federal gift and estate tax exemption amount is scheduled to revert to pre-TCJA levels after 2025. This has caused uncertainty for individuals whose estates may be exposed to gift and estate taxes. The good news is that the U.S. House of Representatives passed The One, Big, Beautiful Bill to permanently increase it to $15 million. The bill is now being considered by the U.S. Senate. Ask our estate planning advisors what this means for you.
When can seniors deduct Medicare premiums on their tax returns?
If you’re 65 or older and enrolled in basic Medicare, you may need to pay additional premiums to obtain the level of coverage you desire. These premiums can be significant. The good news? You might be eligible for a tax break on those premiums. However, claiming medical expenses on your tax return can be challenging. Contact our tax advisors with questions about Medicare premiums tax deductions
Are your nonprofit board meetings as focused as they could be?
Your nonprofit’s monthly board meetings may not be running as efficiently as possible. If that is true for you, you may want to consider planning agendas, assignments, and timetables. You may also want to consider following up with members after these meetings. Contact the nonprofit advisors at SEK for more information.
The One, Big, Beautiful Bill could change the deductibility of R&E expenses
The deductibility of research and experimental expenses is limited for businesses. However, The One, Big, Beautiful Bill may significantly improve the deduction. Here’s the story. Contact our business tax advisors with questions.
Individual tax breaks in 2025 and how The One, Big, Beautiful Bill could change them
Curious how The One, Big, Beautiful Bill could affect taxes for you and your family? Here are seven key tax breaks in the bill and what they could mean for you. Contact our tax advisors with questions.
An employee stock ownership plan can be a versatile business exit and estate planning tool
As the owner of a closely held corporation, a substantial amount of your wealth likely is tied to the business. To retain as much of that wealth as possible to pass to your family after you exit the business, consider an employee stock ownership plan (ESOP). It can enhance tax efficiency, support business succession goals and preserve wealth for future generations. Contact our advisors with questions.