Understand your spouse’s inheritance rights before getting remarried
If you’re getting remarried, you may have different expectations than you did during your first marriage when it comes to estate planning. State laws and property rights might affect your estate plans. Contact the estate planning advisors at SEK for additional details.
The “nanny tax” must be paid for more than just nannies
As a household employer, it’s critical to understand your “nanny tax” obligations. Hiring a household worker who isn’t an independent contractor may make you liable for federal income tax, Social Security and Medicare (FICA) tax, federal unemployment tax and possibly state tax. Contact the CPAs and tax advisors at SEK with you tax 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.
2024 Year-End Year-Round Tax Planning Guide
At SEK, we are dedicated to helping you maximize your income through a variety of tax-saving strategies. We are excited to share our 2024 Year-End Year-Round Tax Planning Guide, which includes: 2025-2025 tax brackets, strategies for individual taxpayers, and opportunities for business owners.
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.
Taking the long view of long-term care insurance
For many people, the possibility that they’ll incur significant long-term care (LTC) expenses is one of the biggest threats to their estate plans. A practical solution is to purchase an LTC insurance policy. This insurance generally provides benefits when you can no longer perform several basic activities of daily living. Contact the estate planning advisors at SEK with questions.
You don’t have to be in business to deduct certain vehicle expenses
Business driving may come to mind when you think about tax deductions for vehicle-related expenses. However, individuals may also be able to deduct them in certain circumstances. Questions? Contact the tax advisors at SEK.
Clearing the cobwebs from your nonprofit’s program offerings
Whether your nonprofit’s program budget will be smaller or larger in 2025, this is a good time to review current offerings to assess which are effective and which aren’t. You may even find your organization is ignoring important needs in your community. Contact the nonprofit advisors with questions on the best methods to do so.
Give your finances a quick once-over with QuickBooks Online
Got 15 minutes? That’s all it should take to log into QuickBooks Online and get a quick read on the state of your finances. Read here for more. Following these steps can be very helpful if you’re new to QuickBooks Online and don’t have a good grasp of its features yet.
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.