As the year-end approaches, it’s time to for strategic tax planning. From assessing your current tax situation and understanding deductions to maximizing retirement contributions and managing investment gains, this guide offers valuable insights to help minimize your tax burden.
Category: Tax
Beneficial Ownership Information (BOI)
What is a BOI Report? The Beneficial Ownership Information (BOI) report is required by the U.S. federal government to disclose the owners of a business. Most businesses are required to file the BOI report with the Financial Crimes Enforcement Network (FinCEN) between January 1, 2024, and January 1, 2025. This report was created to help… [keep reading…]
The Home Office Deduction: Myths and Must-Knows
The home office deduction offers a valuable tax break for the self-employed, freelancers, and independent contractors. Learn about the deduction and how it may reduce your tax liability.
Summertime Tax and Financial Tips
Although your taxes and finances may be the furthest thing from your mind during the summer, it’s good to know how certain things you do this summer may affect them. Here are a few financial tips to help you make the most of your summer. 1 | Hire your child. If you own a business,… [keep reading…]
IRS Form 1099-MISC & Form 1099-NEC
If, as part of your trade or business, you made any of the following types of payments, you are required by law to report certain payments of income it made during the calendar year to the IRS and to the recipient by filing Form 1099-MISC or Form 1099-NEC. The following types of payments made in the course… [keep reading…]
Business Year End Planning
Tax Planning for Businesses With tax year 2023 ending, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for businesses. Review your accounting method Businesses typically use either an accrual method of accounting… [keep reading…]
Individual Year End Planning
Tax Planning for Individuals Annual gift exclusion and estate tax exemption The annual gift exclusion for 2023 is $17,000 per person and will increase to $18,000 in 2024. Married couples who elect to gift split can give $34,000 per person in 2023 and $36,000 in 2024. There are no limits on how many donees can… [keep reading…]
The Corporate Transparency Act
The Corporate Transparency Act In an era marked by increasing economic interconnectivity, transparency in corporate practices has become a critical aspect of ensuring fair and ethical business conduct. Signed into law on January 1, 2021 as part of the National Defense Authorization Act, the Corporate Transparency Act (CTA) seeks to enhance corporate transparency by addressing… [keep reading…]
Solar Savings: How Being Environmentally Friendly Pays
The federal government offers an Investment Tax credit (ITC) for commercial solar photovoltaics (PV). For businesses, this credit is filed on IRS form 3468. The solar energy credit is a tax credit that can be claimed on federal income for a percentage of the cost of a solar PV system paid for by the taxpayer…. [keep reading…]
Tax Updates and Planning for Individuals
With tax year 2022 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Individuals: Annual gift exclusion and Estate Tax Exemption The annual gift exclusion for 2022 is… [keep reading…]