Another year is here, and that comes with a new school semester and tuition bills for many people. If you’re considering helping a grandchild or other loved one with their college expenses, first take time to review the tax implications.

Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately.

Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.

As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider.

The Corporate Transparency Act (CTA) has set the stage for significant changes in business reporting requirements in the U.S., introducing strict guidelines on Beneficial Ownership Information (BOI) as part of its implementation. This article explores what the CTA and BOI reporting mean for businesses, focusing on who must comply, what information is needed, and the consequences of non-compliance.