Article Highlights: Educational Gifts: A Gift for the Future Retirement Contributions: A Gift with Long-Term Benefits Gifts to Spouses: Supporting Self-Employment Gifts to Spouses: Qualifying Clean Vehicle Employee Gifts: Navigating Tax Implications Understanding the Annual Gift Tax Exclusion Summary The holiday season is a time of giving, and while the joy of gifting is often […]
Article Highlights: Gain Exclusion Benefits of Sec 1202 QSBS Qualifications for Sec 1202 QSBS Limitations of Sec 1202 QSBS Holding Period Requirements Determining the 5-Year Holding Period Investor Exclusion Limits Rollover Possibilities Active Business Requirement AMT Ramifications Application to Pass-Through Entities Making the Election Example of Sec 1202 QSBS Benefits The Internal Revenue Code (IRC) […]
As a baby boomer, you may find yourself approaching retirement with less savings than you’d hoped. Whether due to economic fluctuations, personal circumstances, or simply the demands of life, many late starters face this challenge. However, it’s never too late to take action. Here are effective strategies to maximize your retirement savings and catch up […]
As the year draws to a close, it’s time to take stock of your business’s financial health. A year-end financial review isn’t just a box to check—it’s a crucial opportunity to assess your profit and loss, evaluate growth potential, and ensure your business is on track for continued success. Whether you’re looking to maximize tax […]
Article Highlights: Hurricane Helene Affected States. Who Qualifies for Relief. Filing and Payment Relief Relief Start Dates. Relief Period Ending Date. IRS Address of Record Address Outside the Disaster Area Additional Tax Relief Qualified Disaster Relief Payments The Internal Revenue Service has announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, […]
The surge in self-employment and small businesses during the COVID-19 pandemic led to millions of new entrepreneurs, many of whom had to quickly learn how to manage their finances, especially when it came to taxes and compensation. Now, nearly half a decade later, business owners in nearly all industries have discovered the benefits of working […]
Tax avoidance is a tale as old as, well, taxes themselves, with individuals and companies constantly seeking creative (and often strange) ways to reduce their liabilities. While most of us rely on accountants to help find wholly legal deductions, some schemes venture into truly bizarre territory, exploiting obscure loopholes in tax laws. From snail farms […]
October 2024 Individual Due Dates October 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 10. Your employer is required to withhold FICA […]
In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a vital financial lifeline for businesses. However, as the IRS intensifies its scrutiny of ERC claims, it has unveiled five new warning signs that businesses must heed to avoid costly mistakes. Understanding these red flags is crucial for maintaining compliance and […]
As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it’s about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning Early Initiating the succession planning process […]