The IRS has announced that for 2024, individuals aged 70½ and older can make tax-free charitable donations of up to $105,000 through qualified charitable distributions (QCDs) from their IRAs, up from $100,000 in previous years. For those aged 73 or older, QCDs also count toward the required minimum distribution (RMD) for the year.

A common question among business owners is how to pay themselves from their businesses properly. The correct method depends on your business structure, so I wanted to give you this quick guide to help you navigate this issue.

If you are a member of a multimember LLC taxed as a partnership (as most are) or a traditional partnership, you may sometimes pay for business expenses out of your pocket. These expenses can include travel and meals, car expenses, continuing education, professional dues, and home office costs.

Missing an estimated tax payment can result in non-deductible penalties. Make timely payments via IRS Direct Pay or EFTPS—secure and convenient methods to help you avoid the penalties.