SEP-IRA Contribution Limits for 2025 and 2026:
What Business Owners and Self-Employed Individuals Need to Know By Jessica I. Marschall, CPA, ISA AM ~ January 20th, 2025 Simplified Employee Pension Individual Retirement Accounts (SEP-IRAs) remain one of the most powerful retirement savings tools available to small business owners and self-employed individuals. With higher contribution limits than traditional IRAs and relatively simple administration, […]
Read MoreThe $2 Trillion Gamble
How Gutting the IRS and Killing Direct File May Cost Taxpayers Far More Than It Saves January 2026 | Tax Policy Analysis, Jessica I. Marschall, CPA, President MAS LLC In less than one year, the Trump administration has eliminated 25% of the IRS workforce (over 25,000 employees) while simultaneously canceling Direct File, a free tax-filing […]
Read MoreFinishing Extension Season: Clients and Businesses Face Significantly Rising Healthcare Costs as ACA Premium Tax Credits Near Expiration
Jessica I. Marschall, CPA October 15th, 2025 As we finish extension season, it is clear that our clients and their businesses are not prepared for the significantly rising healthcare costs that are already implemented due to rising costs, but this is especially important if the Affordable Care Act Premium Tax Credits expire. If Congress does […]
Read MoreEstimated Income Taxes: What They Are, When They Are Due, and How to Stay in the Safe Harbor
Understanding Pay-As-You-Go Taxation The U.S. income tax system operates on a pay-as-you-go basis, requiring taxpayers to remit taxes throughout the year rather than in a single annual payment. When sufficient tax is not paid during the year through withholding or quarterly estimated payments, the Internal Revenue Code (IRC) §6654 imposes an addition to tax—essentially a […]
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Estimated Tax Penalty
The IRS (Internal Revenue Service) estimated tax underpayment penalty, also known as the underpayment penalty or the estimated tax penalty, is a penalty imposed on taxpayers who do not pay enough in estimated taxes throughout the year. Estimated taxes are payments made by individuals, self-employed individuals, and businesses to cover their tax liability when they […]
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