The IRS just released the 2025 contribution limits for qualified retirement plans, such as your 401(k) plan. Knowing those limits, which are adjusted annually for inflation, is crucial for the many employees and executives who participate in company nonqualified deferred compensation (NQDC) plans. Year-end is when most of them make like an autumn squirrel and choose how much of next year’s pay to put away for the future. Generally, you defer income via nonqualified plans only when you know you will max out your yearly contributions to qualified plans, such as your 401(k). If you’ve already maxed out your qualified…

There is a legitimate IRS program that’s designed to allow 70% of taxpayers to file their federal income tax returns for free using online software. But hundreds of millions fail to take advantage, potentially overspending by billions, according to the latest IRS data. The Free File program began 20 years ago to create a way for the lowest earners to file their federal taxes using free online software. Each year, the income threshold for eligibility is adjusted so that each year, 70% qualify. For instance, for tax year 2023 (those we’re preparing to file now), people with adjusted gross incomes…

When selling a principal residence, American homeowners can exclude up to $250,000 in gains, or $500,000 for married couples filing jointly. This exclusion applies to homes sold both within the U.S. and overseas, if specific criteria around ownership and use are met. For U.S. persons (including green card holders) living abroad, there are additional considerations, particularly when it comes to the timing of the sale and meeting residency requirements. This article explores the rules in greater depth, including partial gain exclusions for sales that don’t meet all the requirements, treaty considerations and other issues often faced by expats. An area…

What is the energy efficient home improvement credit?The energy efficient home improvement credit can help homeowners cover costs related to qualifying improvements made from 2023 to 2032. The maximum credit amount is $1,200 for home improvements and $2,000 for heat pumps and biomass stoves or boilers.Previously, the credit was capped at a $500 lifetime limit. But thanks to the Inflation Reduction Act of 2022, the new limits are annual, allowing homeowners to strategically stagger the purchase of their upgrades to make the most of the credit each year.Energy efficient home improvement credit 2023The energy efficient home improvement credit for 2023…

Most of the time, you may be able to resolve tax issues by calling the IRS or using an online tool. If you need help with basic services, such as tracking a refund or accessing tax records, the agency’s website is a good place to start. If your problem is a bit more complicated and you want to speak to someone over the phone, the IRS has a main phone number as well as numbers for specific tax situations you can call for assistance. But if these resources aren’t cutting it, you may want to talk to someone face to…

The Financial Crimes Enforcement Network (FinCEN) has issued notices extending the filing deadlines to submit Beneficial Ownership Information (BOI) reports for certain reporting companies in response to Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine. To qualify, a reporting company must have a BOI reporting deadline falling within the period beginning one day before the date the specified disaster began—as indicated by the Federal Emergency Management Agency (FEMA) —and ending 90 days after that date. Where multiple disasters with different starting dates are related to the same storm, FinCEN used the earliest date. A reporting company also…

Hundreds of people search “Black CPA near me” each month. But according to the latest data from the Association of International Certified Professional Accountants, only 2% of CPAs in the U.S. are Black. This can make it hard for people to find a Black CPA to work with, but the extra effort can be worth it to find a tax pro you’re comfortable with, says Angie Toney, owner and CEO of Oasis Tax Advisory Services. “Whether perceived or real, you may feel judged by non-Black CPAs,” said Toney. “It’s about trust, approachability and also about supporting our own professionals.”We talked…

The IRS has announced that the amount of tax-favored funds that you can sock away for retirement is increasing. In 2025, the amount most individuals can contribute to their 401(k) plans will tick up to $23,500—it was $23,000 for 2024. The announcement is tied to cost‑of‑living adjustments for pension plans and other retirement-related items for tax year 2025 (those adjustments are required by law). Here’s a look at some of the most common plans and what will be different next year: 401(k) and Similar Plans As noted, the amount individuals can contribute to their 401(k) plans is $23,500—that limit applies…

There aren’t many tax credits that can help lower your expenses throughout the year, but the premium tax credit (PTC) is a notable exception.The PTC helps taxpayers afford the premiums of health insurance plans from the health insurance marketplace. Taxpayers can choose between getting the credit at tax time or getting it “in advance” throughout the year in the form of lower premiums.Here are the details on the PTC, its eligibility criteria, the pros and cons of choosing the advance premium tax credit (APTC), and the tax forms you’ll need to claim the credit.What is the premium tax credit (PTC)?The…

This is a published version of our weekly Forbes Tax Breaks newsletter. You can sign-up to get Tax Breaks in your inbox here. Last weekend, I popped over the border to Quebec City, Canada–a trip I haven’t made since I was four. I learned a few things while there, including that Canadian football fields are bigger than those in the U.S., Canadian ounces are smaller than those in the U.S., and that people will talk about taxes almost anywhere you go. While at a distillery and meadery on an urban farm (they harvest honey from the bees they keep), I…