Recent News & Blog / Business Tax
The amount you and your employees can save for retirement is going up slightly in 2025
How much can you and your employees contribute to your 401(k)s next year? The IRS recently announced the 2025 cost-of-living adjustments. Read here for the 2025 401(k) contribution limit, the catch-up contribution limit for employees who are age 50 or over and participate in 401(k), and there will be a new catch-up contribution amount for taxpayers age 60, 61, 62 or 63. Contact the tax advisors at SEK with questions.
Traveling for business? What can you deduct?
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Contact the CPAs and tax advisors at SEK to get the most of your tax deductions and remain compliant.
2025 Cost of Living Adjustments
The IRS recently released the 2025 cost of living adjustments for retirement plans and related items. Use the chart below to view the adjustments, or view a printable version.
Self-employed? Build a nest egg with a solo 401(k) plan
If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or SEP plan. Questions? Contact the business tax advisors at SEK.
Business owner? A buy-sell agreement should be part of your estate plan
If you hold an interest in a business that’s closely held or family owned, a buy-sell agreement should be a component of your estate plan. The agreement provides for the orderly disposition of each owner’s interest after a “triggering event.” It’s essential to revisit the agreement’s valuation provision to ensure that it reflects the business’s current value. Contact the business and estate planning advisors at SEK with questions.
Employers: In 2025, the Social Security wage base is going up
The Social Security Administration has announced that the wage base for computing Social Security tax will rise to $176,100 in 2025. The Federal Insurance Contributions Act imposes two taxes on employers, employees and self-employed workers. One is Social Security and the other is Medicare. Contact the business tax advisors at SEK for more info.
Separating your business from its real estate
Does your business own real estate titled under the business’s name? With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a better choice. Contact the CPAs and business tax advisors at SEK to learn more.
Is your business required to report employee health coverage?
Certain employers are required to report information about employees’ health coverage. Is your business required to comply? Read this article to find out or contact the CPAs and business advisors at SEK.
2024 Q4 tax calendar: Key deadlines for businesses and other employers
Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.
Maryland Department of Labor issues new guidance on Wage Transparency and Paystub Notice obligations
Maryland will have two significant laws go into effect on October 1, 2024. These laws will require employers to provide employees with more upfront information about a job's wage and benefits, as well as, more transparency on paystubs. Read here to ensure your business is compliant.