How the Tax Cuts and Jobs Act Affects Your Taxes
The Tax Cuts and Jobs Act (TCJA) was passed in December 2017 and made significant changes to the federal tax code. Here are some of the ways that the TCJA may affect your taxes: Changes to tax brackets: The TCJA made changes to the tax brackets and tax rates. For example, the top tax rate […]
The Tax Benefits of Contributing to a Retirement Account
Contributing to a retirement account is not only important for saving for retirement, but it also provides several tax benefits. Here are some of the tax benefits of contributing to a retirement account: Tax-deferred growth: Most retirement accounts, such as traditional IRAs, 401(k)s, and 403(b)s, offer tax-deferred growth. This means that any investment gains, such […]
Tax Considerations for Freelancers and Self-Employed Professionals
If you’re a freelancer or self-employed professional, your tax situation may be more complex than that of a traditional employee. Here are some tax considerations for freelancers and self-employed professionals: Self-employment tax: As a self-employed individual, you’re responsible for paying both the employer and employee portions of Social Security and Medicare taxes, known as the […]