An individual may elect to defer some of their wages into a retirement plan through their employer’s plan [e.g., 401(k) plan]. That deferral could be as much as $24,500 for 2026. In addition, individuals who would reach age 50 by the end of the taxable year are permitted annual catch-up contributions of $8,000 for 2026 under IRC § 414(v)(1). This may allow an individual taxpayer to defer as much as $32,500 into a retirement plan [more]

The taxation of business income in the US is anything but straightforward.[1] One aspect of its complexity is that different business forms receive different tax treatment. The standard business form in the US historically and in most countries is the C corporation, which is generally subject to corporate income tax while shareholders face additional tax on dividends and capital gains. In contrast, pass-through businesses, including partnerships, S corporations, and sole proprietorships, do not face... [more]

"Begin at the beginning," to quote the King of Hearts from Alice in Wonderland. That's how most people approach business ownership, and on its face, it seems like a smart strategy. We all know the sobering statistics on entrepreneurship: According to the U.S. Bureau of Labor Statistics, about 21% of businesses fail in the first year, nearly 50% fail by year five, and about 65% fail within 10 years. To avoid becoming a statistic, most entrepreneurs focus primarily on the first five years. But it would be a mistake not to also think about preparing for a potential exit. [more] 

The jump in the price of oil triggered by the conflict in the Middle East has raised the possibility of higher fuel costs for motorists. Iran has warned vessels not to pass through the Strait of Hormuz, a crucial waterway in the south of the country through which about 20% of the world's oil and gas is shipped. If these restrictions persist and oil prices remain high for some time, the worry is this will have knock-on effects on prices of a number of goods. However, there remains a huge amount of uncertainty at this stage as to whether the conflict will have a lasting effect on the price of oil, gas and wider energy costs. [more]