By Chris Gelfuso-Uplevel Business Services The Internal Revenue Service announced earlier this month that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. If you are aged 50 or older, you can contribute up...

You may have heard about a change in the tax law that lowered the threshold for when Payment Settlement Entities" (PSEs) are required to issue a 1099-K.  The old rule was that the PSE ("third party network") must send the taxpayer a 1099-K if: 1)...

Are you interested in purchasing an electric vehicle but new ones are just too expensive? Well, as of January 1, 2023, you can now get a tax credit of up to $4,000 on the purchase of a used electric vehicle from a dealer. That’s right,...

Editor’s note: The La Mirada Blog would like to welcome tax advisor Chris Gelfuso founder of Uplevel Business Services to our team of contributors (see ad on this page). Uplevel specializes in bookkeeping, payroll, and tax return preparation for individuals, small businesses and the self-employed....