Both SECURE 2.0 and the Big Beautiful Bill Act (OBBBA) include provisions that affect 401(k) contributions, especially for highly compensated employees (HCEs). Here's what's already in place for 2025 and what's coming in 2026 . . . 2026 Dollar Limits Let's start with the inflation-adjusted contribution limits for 2026: The maximum amount that can be contributed by an employee under…
Each year, the dollar limits for various tax items are adjusted for inflation. To see those amounts for 2026, click on the link below: 2026 Dollar Limits Flyer
Who's Affected? Individuals who itemize deductions. If you take the standard deduction, this change doesn't affect you. What's changing in 2026? A provision in the recently passed One Big Beautiful Bill Act (OBBBA) will reduce your charitable deduction by 0.5% of your AGI (not 0.5% of the gift). In 2025, there's no haircut on your charitable deduction. $10,000 Gift for an Itemizer Comparing the Deduction…
You've probably heard that OBBA eliminates taxes on tips and overtime pay. Here's what you need to know about how this is expected to work: Overtime Pay The general rule is that all compensation is subject to federal taxation. That's true for regular pay, overtime, tips, bonuses, commissions, and any type of money an employee receives from the employer, unless…
An identity protection personal identification number (IP PIN) is a six digit number that prevents someone else from filing a tax return using your Social Security number (SSN) or individual taxpayer identification number (ITIN). The IP PIN is known only to you and the IRS (and your tax preparer, if you share it). It helps the IRS verify your identity…
Please note our new address effective June 1, 2025: 4910 Corporate Centre Drive Suite 210 Lawrence, KS 66047 Our phone numbers and email addresses all remain the same.
Tax season is over now, so how long do you need to keep all those tax-related items? Click below for guidelines: Records Retention for Business Tax
As summer approaches, many businesses look to bring on seasonal help—whether it’s to handle increased demand, fill in during employee vacations, or give students a chance to gain real-world experience. If you’re considering hiring summer workers, here are a few things to keep in mind: Classify Workers Correctly Be sure to determine whether your summer hire is an employee or…
Online shopping is the major way in which many of us make our purchases these days. You may think you lucked out if an online vendor doesn't charge you sales tax, but in the state of Kansas, you're responsible for making sure those taxes get paid. We often talk about sales and use tax in the same sentence, because they're…
Tax season might be behind us (hooray!), but there are still a few smart steps you can take now to wrap things up smoothly and set yourself up for success next year. Here are five things to consider: Save a Copy of Your Return Keep both a digital and paper copy of your return, along with all supporting documents like…