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Website title: Robert P Russo CPA: Personal & Business Accounting Services NYC
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Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans.
Catch-Up Contribution BasicsFor years, taxp...
Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability.
Significant long-term capital gains and dividend income or recently exercised incentive stock options can trigger the AMT.
Although the 2025 tax legislation, commonly known as the One Big Beauti...
If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation, commonly known as the One Big Beautiful Bill Act (OBBBA), reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses.
This change reversed a key provision of the Tax Cuts and Jobs Act ...
It’s not too late to boost your IRA for 2025. You have until April 15, 2026, to make contributions for the 2025 tax year. This deadline applies to both traditional and Roth IRAs and includes catch-up contributions for eligible individuals.
You must indicate that the contribution is for the 2025 tax year, not 2026. This is important because contributions made fro...
If you buy, sell, or trade digital assets, such as cryptocurrency or certain nonfungible tokens (NFTs), new reporting requirements will likely affect how your transactions are reported to and reviewed by the IRS. While these rules don’t change how digital assets are taxed, they significantly impact information reporting, increasing transparency and scrutiny.
Tax Tr...