As you may know, the Corporate Transparency Act (“CTA”) is set to take effect on January 1, 2024, impacting many privately held corporations, limited partnerships, statutory trusts, limited liability companies, and other similar entities. The goal of the CTA and its Beneficial Ownership Information Regulations (“BOI”) is to penetrate through layers of intermediate entities, and
Does Your Child or Teen Need to Pay Taxes?
You may be surprised to learn that your child is a separate taxpayer, even as a minor. If your kids recently started working, or otherwise earning income, they may need to file a tax return this year. How much does your child have to make? Don’t panic, if they only had earned income from wages,
Tax Tips for the Self-Employed and Solo-Entrepreneurs
Like being your own Boss? There are a lot of positives, and one is that you have a lot more options regarding tax deductions. The good news is, when you are self-employed, there are many strategies you can take advantage of, which create big opportunities for tax savings. The bad news is that you have
2024 Federal Income Tax Brackets and Rates
It’s never too early to start planning ahead to save money on taxes. The new inflation adjustments just announced are for tax year 2024, for which taxpayers will file tax returns in early 2025. With the brackets rising, some clients may get larger paychecks after taxes in 2024 as their effective rates go down for
Six Tax Saving Strategies Designed for Fall
Revisit your tax plan NOW to minimize your tax burden in the Spring of 2024 and save more of your money. These 6 ideas will help you switch from a reactive to a proactive plan when it comes to minimizing taxes. Double-check your withholding amounts. Income tax brackets and marginal tax rates usually change from
Beware Taxes on Bonuses
The IRS considers bonuses a form of wages, and as such, they’re subject to federal taxes, just like your normal pay. However, it’s not just federal tax you have to consider. You might be subject to Medicare and Social Security tax, and unemployment tax. Depending on where you live, you may also have to pay
Electric Vehicle Tax Credit For Charging Stations And Equipment Is Back!
The EV charger federal tax credit for electric vehicle charging stations and equipment that had expired is back, albeit with some changes. If you install a home EV charging station, the tax credit is 30% of the cost of hardware and installation, up to $1,000. Businesses that install new EV chargers or EV charger equipment
FAQs About QCDs For The Charitable Minded
Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? Making a Qualified Charitable Distribution (QCD) can exclude up to $100,000 annually from gross income while benefitting your favorite charity. These “charitable IRA rollovers” are gifts that would otherwise be taxable IRA distributions!
Protect Your Estate When Exemptions May Sunset In 2025
No matter how wealthy you are —human nature tends to make us put off attending to important matters. But this is no time to ignore the fact that the TCJA lifetime estate and gift tax exemption will sunset in 2025. We have another election coming up in 2024, and clients shouldn’t get comfortable with wishful
IS A 1031 Exchange Right For You?
What is a 1031 Exchange? It is a way to leverage your gains. It allows sellers of investment or business-use real estate to defer paying capital gains, and depreciation recapture taxes, when they use the proceeds of the sale to purchase one or more additional pieces of investment or business-use real estate. IRS Code 1031