As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider.  1. Strategize on the Standard Deduction vs. Itemizing This is a tried-and-true year-end tax planning strategy.…

History of the Deduction Before 2018, employees who had unreimbursed out-of-pocket expenses could potentially deduct them if they were ordinary and necessary to the “business” of being an employee. A teacher’s out-of-pocket classroom expenses could qualify and be claimed as a miscellaneous deduction, subject to a 2% of adjusted gross income (AGI) floor. That meant…

If you’re a small business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college, and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free…

If you’re looking for a retirement plan for yourself and your employees but are worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility is a Simplified Employee Pension (SEP). This plan, which comes with relative ease of administration and the discretion to make or not make annual…

There is a new reporting requirement, known as Beneficial Ownership Information (BOI), which came into effect in 2024.  In the article below, you will find general information regarding the new reporting rules as well as initial steps you should take to address the implications of the Corporate Transparency Act (CTA) to your organization. Who This…